Finance dep’t. in no hurry to appoint new head of SEC

THE Department of Finance (DoF) said it has a positive view of the performance of Teresita J. Herbosa, who chairs the Securities and Exchange Commission (SEC), and has made no decision on a recommendation for her successor.
Asked whether the DoF will seek the reappointment of Ms. Herbosa, Finance Secretary Carlos G. Dominguez III told reporters last week: “I’m sure there are several candidates for that position, but I think the Chairman is doing a good job now. There’s no need to rush.”
The DoF, which supervises the SEC, has made no decision on who will follow Ms. Herbosa, Mr. Dominguez added.
“I’m not in a rush… She’s doing a reasonably good job,” he said.
“If somebody isn’t doing their job, I will be in a hurry. But I’m not. I’m comfortable with her performance,” added Mr. Dominguez.
Ms. Herbosa has served out her seven-year term after being appointed in May 2011, but remains in place at the SEC pending the appointment of a new Chairperson.
In her capacity as the head of the SEC, Ms. Herbosa is also a member of the Anti-Money Laundering Council (AMLC) and the head of the Credit Information Corp.
Separately, Mr. Dominguez said he is considering former Finance Secretary Margarito B. Teves to head the Social Security Commission (SSC).
“Gary is a good guy to consider. He was a Congressman… He performed quite well as President of LBP (Land Bank of the Philippines) and Secretary of Finance,” Mr. Dominguez said.
“You have to remember Gary was the Secretary of Finance when the world was crumbling,” he added.
President Rodrigo R. Duterte in February decided not to renew the appointment of former SSC Chairman Amado D. Valdez whose term lapsed on June 30, 2017.
Mr. Teves was a member of the House of Representatives from Negros Oriental’s Third District from 1987 to 1998. He was Finance Secretary from 2005 to 2010. — Elijah Joseph C. Tubayan