SEC chairman Lilia R. Bautista said there was a need to create a central coordinating body responsible for developing SEC’s position and recommendations with respect to financial services, investment and competition policy.
Bautista said SEC’s participation and policy recommendations are regularly sought by national oversight agencies and committees in the development and implementation of the country’s negotiating interests in these fora.
She said the government is committed to pursue international cooperation and strengthen the international trading system through such agreements such as the General Agreement on Trade in Services (GATS); the ASEAN Framework Agreement on Services (AFAS); and the Japan-Philippines Economic Partnership Agreement (JPEPA), among others.
The committee shall be composed of representatives from the SEC’s Market Regulation Department, Company Registration and Monitoring Department and the Economic Research and Information Department.
The MRD will take charge of matters concerning financial services, the CRMD on matters involving investments and competition policy, and the ERID on the provision of technical support.
The committee will represent the SEC in meetings and dialogues and contribute to the development of a common Philippine position in the said fields.
It shall establish and maintain contact and close coordination with domestic and international dialogue partners.
The committee shall also address other matters which the chairperson may refer to the committee from time to time.