SEC transfer to DTI questioned
It's unfortunate that the Secruties and Exchange Commission (SEC) has been transferred under the supervision of the Department of Trade and Industry (DTI). Malacanang must have toying the idea of initiating this move until lately when SEC appeared to have absconded in its regulatlory powers to carefully check on the performance of pre-need companies where millions of policyholders had been duped. SEC used to be under the supervision of the Department of Finance (DoF) a line departmental agency that oversees the activities of the Bureau of Internal Revenue (BIR) and the Bureau of Customs (BoC), both tax collecting agencies of the government that are under close scrutiny by the people. The move initiated by the president was timely even to the extent of defeating the real objective of regulating the capital markets in the Philippines. However, many observers have doubts in their minds as to the real motive of the SEC going into the folds of the DTI. Besides, putting the regulatory po