SEC shuns summary suspension of troubled pre-need firms

MANILA, Philippines - Citing the welfare of other pre-need plan holders, the Securities and Exchange Commission (SEC) thumbed down Tuesday calls to summarily suspend troubled pre-need firms. SEC chairwoman Fe Barin also shrugged off claims by some lawmakers that her agency was sleeping on its job when it failed to regulate the industry. "Kung sususpendihin natin ang pagbebenta ng iba na wala namang problema sa ngayon saan natin iiwanan ang kapalaran ng mga nakabili na ng pre-need plans [If we suspend the firms now where will we leave other pre-need plan holders?]" she said in an interview on dzXL radio. Barin said the SEC's thrust is to protect the interest of existing plan-holders, while thinking of ways to strengthen the industry. On the other hand, she blamed the SEC's failure to regulate the industry to a lack of personnel and resources. She said that if the SEC had a boost in these departments, it can do its job better. If we need help, it would be in terms of personnel and resources. Once we get a boost there, we can do our job better), she said. Barin also shrugged off claims of some lawmakers that the SEC failed to regulate the industry by not conducting an investigation on troubled pre-need firms. Barin retorted saying, everybody is entitled to his own opinion. The senators are the ones making laws and they can address this with the proper laws. "Ganoon lang yan, kung yan ang impression nila sinisikap naming magpaliwanag hanggang doon lang kami [We can only explain so much. If that's their impression of us, we cannot do much about it]," she added.- GMANews.TV