SEC chief bats for clearer law for pre-need firms

MANILA, Philippines - Even as she rejected anew calls for her resignation, Securities and Exchange Commission (SEC) chairwoman Fe Barin told lawmakers Wednesday to come up with a clearer law on pre-need firms. Barin said in a radio interview that while the SEC is making do with limited resources to monitor pre-need firms, lawmakers also have to craft laws governing pre-need firms. "Kahit kailan di namin sinabi [na] mahina ang batas. Kung magkaroon ng mas malinaw na batas [na] dedicated sa pre-need plan, mas makakatulong yan [I never said the law is weak. What I was saying is that we need a law dedicated to governing pre-need firms]," she said in an interview on dzXL radio. She said the SEC had been battling the lack of funds and resources in checking pre-need firms and other corporations it is tasked to monitor. On the other hand, she reiterated her refusal to heed lawmakers' calls for her resignation. Barin pointed out she should not be blamed alone because the SEC is a collegial body. "Hindi ko dinadamay ang member ng commission pero mabuti lang maliwanag [na] ang decision ng SEC, decision ng commission [I am not dragging any SEC member into this but I want to make it clear our decisions are collegial]," she said. On the other hand, she reiterated she will stay at her post until President Gloria Macapagal Arroyo, who appointed her to her post in 2004, tells her to quit. "It's a fixed term of seven years, to end in March 2011," she said. - GMANews.TV