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Palace nixes calls to ‘make heads roll’

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By Joel Guinto
INQUIRER.net
First Posted 15:48:00 02/03/2009

Filed Under: Government, Congress, Health, Insurance, Education, Legacy banking group

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.

View article as posted on INQUIRER.net

Written by joelguinto

TueUTC2009-02-03T14:26:48+00:00UTC02bUTCTue, 03 Feb 2009 14:26:48 +0000 22, 2006 at 12:45 pm02

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