What absurdity is happening at the SEC? PDF Print E-mail
Monday, 19 February 2018 13:42




LIFE’S INSPIRATIONS: “… The hearts of people, moreover, are full of evil and there is madness in their hearts while they live, and afterward they join the dead…” (Ecclesiastes 9:3, the Holy Bible).


WHAT ABSURDITY IS HAPPENING AT THE SEC? Does President Duterte know that, at the Securities and Exchange Commission or SEC, it is no longer the employees of the agency that give out to the public sensitive documents on trade and commerce in the country which are filed with it, but those of a private company already?

The reason I ask if President Duterte knows this kind of a system that is in place at the SEC now is that, SEC continues to be a part of the executive branch of the government, making it still under the administrative jurisdiction and control of the Office of the President.

Did the President or Malacanang agree that the records of the SEC (including the sensitive records of all corporations, companies, and partnerships that do business in the Philippines) can no longer be requested from that agency, but from a private company instead?


A PRIVATE COMPANY IS NOW IN CONTROL OF SEC RECORDS? I learned about this last week, after I sent a written request to the SEC Records Division for the record of a corporation which my fellow lawyers sued on behalf of a client who is a trucker from Antipolo City. The request for the records was earlier ordered to be made by the Antipolo City Regional Trial Court.

The court explained in its order that there is a need to ask from the SEC the record of the offending corporation to establish the identities of its top officers who should be required to receive copies of the complaint that we filed for the trucker.

The problem was that, after the SEC received my request to be furnished with the record of the aforesaid corporation, a man called me, said he was an employee of a company known as “Teleserve” (yes, that was the name given by the caller to me), and explained that Teleserve is now in charge of all documents that the public would like to secure from the SEC.


SEC RENOUNCED ITS RIGHT TO BE CUSTODIAN OF CORPORATE RECORDS? There would have been no problem, really, with that kind of an apparently new arrangement, because my only concern anyway was to be able to secure the record required to be produced by the Antipolo City Regional Trial Court. No matter who is now in charge of these records at the SEC—whether it is still the SEC or a new private company already—as long as they are able to comply with order of the court, involving public records yet, that would be okay with me.

What is riling me how

Last Updated on Monday, 19 February 2018 13:44