Palace accepts Poblador resignation as associate commissioner of SEC

Malacañang has accepted the resignation of Joselia Poblador as associate commissioner of the Securities and Exchange Commission, who opted to cut short her stint at Asia’s oldest securities watchdog allegedly due to loss of confidence in the SEC leadership.

An appointee of President Joseph Estrada, Poblador still had one and half more years to serve in office.

SEC Commission Secretary Gerard Lukban said Poblador submitted her letter of resignation to the President in December but it was only last Thursday that Malacañang accepted her resignation.

Poblador’s official explanation was it was high time that she pursue other personal activities which she otherwise cannot engage in due to the demands of her office.

Informed sources, however, point to the differences in opinion and management style between Poblador and SEC chairperson Fe Barin as the main reason for her resignation. Another reason cited by other sources is her tiff with Associate Commissioner Jesus Martinez.

"She’s no longer happy with the SEC and she feels as if she is an odd-man out," Barin said.

Lukban, however, denied reports of any rift between Poblador and Barin, saying they remain cordial to each other.

Lukban said Barin even expressed regrets over the unexpected resignation of Poblador whom the SEC chief described as a "dedicated and hardworking public official who contributed significantly in the shaping of many of the policies and procedures of the agency."

Barin, meanwhile, wished Poblador well on her action and future undertakings and expressed hope that whoever would be appointed to take her place, will be able to work harmoniously with the existing members of the Commission and will contribute his or her share in further improving the country’s capital market.

Sources said lawyer Mela Bengzon, vice-chairman of the Malacanang-created Constitutional Commission (Con-Com), is among those being considered to replace Poblador.

Bengzon, according to sources, is eyeing the chairmanship of the SEC.

Bengzon has a wide experience in the areas of corporate and securities law. She represented clients in various mergers and acquisitions, international joint ventures and project finance; and counseled investors in leveraged acquisitions.