ACCRA lawyer named new SEC chief

MANILA, Philippines - President Aquino has appointed corporate lawyer Teresita Herbosa as the new chairperson of the Securities and Exchange Commission, Palace sources said.

Malacañang, however, has yet to issue an official announcement on her appointment. The Office of the Executive Secretary said the appointment was still being finalized.

Herbosa is a co-managing partner of the Angara Abello Concepcion Regala & Cruz Law Office (ACCRA). She is described as a seasoned litigation lawyer who is also highly regarded for her expertise in dispute resolution.

SEC officials said while they have yet to receive notice of Herbosa’s appointment, they welcome her and are ready to work with her.

Based on ACCRA’s website, Herbosa is with the firm’s Litigation Department which she headed from 1993 to 2003, and has been consistently recognized worldwide as the best in the country. She actively handles litigation cases, whether civil, criminal or administrative, before Philippine courts. Her areas of specialization include telecommunications, family law, land and air transportation, contract law, government contacts, public bidding and award, constitutional law, and environmental law.

Herbosa has handled various cases before international and domestic arbitral tribunals and has orally argued before the Supreme Court several times.

She was directly involved in cases where the Supreme Court laid down significant rulings, including those on the revival of a judgment, the exercise of discretion in the acceptance or refusal of bids, the computation of the redemption period, the obligations of an independent contractor, the meaning of devaluation, the scope of the pre-trial stage in a criminal proceeding and the right to vote sequestered shares of stock. She has been cited by worldwide legal publications as one of the top litigation lawyers of the Philippines.

Herbosa graduated from the University of the Philippines with a Bachelor of Arts degree, cum laude, and a Bachelor of Laws degree, cum laude. She obtained her Master of Comparative Law degree from the University of Michigan Law School in Ann Arbor, Michigan, in 1980. She has held positions in various legal and professional organizations and is a professional lecturer on remedial law at the College of Law of the University of the Philippines.

Herbosa will replace SEC chairman Fe Barin, who took over the helm of the SEC on Sept. 1, 2004. 

The SEC chairman and commissioners, who are appointed by the President, have a fixed tenure of seven years, but can resign anytime if they feel they no longer enjoy the trust of the President and of the public.