Palace nixes calls to ‘make heads roll’
MANILA, Philippines – Malacañang has dismissed calls for the ouster of Securities and Exchange Commission (SEC) Chairperson Fe Barin for her alleged failure to stem the decline of the pre-need industry.
Press Secretary Cerge Remonde said the SEC did not have enough powers under the law to fully act on the matter.
Remonde expressed hope that legislative inquiries into the pre-need industry could result in laws that would give regulators more powers.
“I think we should be fair to Chairperson Barin. She has explained that the SEC lacked teeth. I think those calls are unfair for the moment. Let’s give [her] a chance,” Remonde told a news conference at the Palace.
Senate President Juan Ponce Enrile has joined calls for Barin to resign and called on President Gloria Macapagal-Arroyo to make “heads roll” at the SEC.
Pre-need companies have asked government to relax certain rules so that they could cope with the effects of the global recession.
Arroyo has expressed “genuine concern” for pre-need plan holders, and ordered government agencies concerned to “do everything they could to protect them,” Remonde said.
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