AN opposition legislator sees no reason for Congress to investigate the establishment and operation of a fixed- income exchange and over-the-counter market for government securities even as he cleared the Securities and Exchange Commission (SEC) and the Bangko Sentral ng Pilipinas (BSP) of alleged conspiracy on the issue of self-regulatory organizations (SRO).

During a hearing of the House Committee on Bank and Financial Intermediaries on Wednesday, Pwersa ng Masang Pilipino-United Opposition Rep. Rufus Rodriguez of Cagayan de Oro City said that based on the testimonies of the SEC, BSP and the resource persons invited, he sees no conspiracy to favor any group.

“I don’t see any conspiracy to favor...and according to Deputy Governor [Nestor] Espenilla [of the BSP] it was never intended in their letter of acceptance that the appointment of PDEX [Philippine Dealing and Exchange Corp.] is perpetual or irrevocable. Never. In fact the status enjoyed by PDEX is dependent on the SEC’s continued regulation of this market.

“Second, as to the issue of another SRO… I think it’s very clear from the answer of [the] good governor that it really depends on [the] SEC, and the SEC already said that it’s not exclusive. If there is any applicant it will be considered by the SEC, so that is very clear, Mr. Chairman, that there is really nothing for us to fight,” Rodriguez said, addressing committee vice chairman Kabalikat ng Malayang Pilipino Rep. Luis Villafuerte, who presided the hearing.

Rodriguez said that what he is invoking is the doctrine of primary jurisdiction in securities.

“The doctrine of regularity of discharge of official functions will always be in the credit of the SEC and the BSP. Unless grave abuse of discretion is shown clearly, we see that the regulation being done by the SEC and BSP have been doing quite well,” Rodriguez said.

Rodriguez urged Congress to let the SEC and BSP continue with their functions unhampered since he sees no action of the BSP and SEC that is contrary to law.

“And that is why nobody has gone to court to question them....The way that I have heard the testimonies, I see that there is no problem—there is no monopoly, there is no undue bias in favor of one party. Everybody can apply and the SEC shall be able to decide,” Rodriguez said.      

THE Development Bank of the Philippines (DBP) is opening a P47-billion credit facility to the health sector to help upgrade the quality of health services in the country, especially the countryside.

AN opposition legislator sees no reason for Congress to investigate the establishment and operation of a fixed- income exchange and over-the-counter market for government securities even as he cleared the Securities and Exchange Commission (SEC) and the Bangko Sentral ng Pilipinas (BSP) of alleged conspiracy on the issue of self-regulatory organizations (SRO).

THE authority of the Bureau of Internal Revenue (BIR) commissioner to appoint tax-collection agents is near absolute, monetary authorities were told by their legal team.

The peso fell to its weakest level in eight months Wednesday as the dollar gained on expectations that the US Federal Reserve will raise interest rates, currency traders said.