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Enrile to Arroyo: Sack negligent SEC officials


MANILA, Philippines - Senate President Juan Ponce Enrile on Tuesday said President Gloria Macapagal Arroyo should fire Securities and Exchange Commission officials who have been remiss in their job, which has resulted in the impending collapse of the country’s pre-need industry. "I think it is about time that the President and the government start firing some people in order to wake them up to do their job," Enrile told reporters. He said SEC officials failed to foresee the needs and problems of the plan-holders and pre-need companies. Enrile said Jose Aquino, head of the SEC Non-Traditional Securities and Instruments Department, seemed ignorant of his job. Aquino's department handles pre-need companies. "We encourage capital formation provided that the people operate within the law, not to injure their beneficiaries. That is already given, the moment the people will be injured, the government must act to solve the problem. You see that guy Aquino yesterday, he is ignorant about his job," Enrile said, referring to Aquino’s appearance at the Senate probe on the pre-need industry woes. In Monday's hearing, Senators Manuel Roxas II said Aquino should resign from his post for his failure to address the problems in the industry. Enrile said Bangko Sentral ng Pilipinas Deputy Governor Nestor Espenilla Jr. should explain the allegation of Celso de los Angeles Jr., owner of beleaguered Legacy Consolidated Plans Inc, that the former owns a rural bank. "But the question is, Mr. Espenilla, do you really own a rural bank? The charge against him is that he owns a rural bank and that he is making life difficult for the other guy. For all I know, that gentleman who owns the Legacy is not a reliable person but he (Espenilla) must answer the question," Enrile said. - GMANews.TV
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