Former solon eyed as SEC chief if...

President Estrada said yesterday he is eyeing former Negros Oriental Rep. Margarito Teves as replacement for embattled Securities and Exchange Commission (SEC) Chairman Perfecto Yasay Jr.

The President conceded, however, that Teves' appointment hinges on Yasay's voluntary resignation, which is quite unlikely.

Mr. Estrada told reporters covering Malacañang that he would have had announced the designation of Teves to the SEC post if only Yasay made good his promise

that he would voluntarily step down to give the Chief Executive a free hand in reorganizing the government's corporate watchdog.

Mr. Estrada described Teves as a "respected economist with unquestionable integrity."

Teves was named earlier as member of the 25-member Presidential Commission on Constitutional Reforms.

He used to be a member of the Laban ng Demokratikong Pilipino headed by former Senate President and now Agriculture Secretary Edgardo Angara.

He defected later to the Lakas-NUCD of former President Fidel Ramos and ran but lost as one of the party's senatorial candidates in the May 1998 elections.

Citing transcripts of SEC meetings, Mr. Estrada said Yasay does not enjoy the support of his four associate commissioners who consistently voted against him on policy issues and cases tried by the agency.

"That goes to show there is something wrong about his leadership," Mr. Estrada noted.

Yasay said he would give up his seat at the SEC after Congress has passed the proposed Securities Act of 1999 which would pave the way for the reorganization of the agency.

Mr. Estrada acknowledged that the measure is a priority bill as it involves the national economy.

He said a revamp of the SEC was also part of wider changes he wanted to implement.

"I wanted a new economic team since the SEC is part of the financial and economic agencies of the government whose heads I have already replaced with new ones," the Chief Executive said.

He was referring to new appointees Jose Pardo as finance secretary, Mar Roxas III as trade and industry secretary, Dakila Fonacier as internal revenue commissioner and Ramon Farolan as Customs commissioner.

"I have a new economic team in which I have full trust and confidence. I know it will boost even more our economy this year. I am very confident of that," Mr. Estrada said.

Yasay had a falling out with the President last October over the pending investigation by the SEC on the alleged stock market manipulation by Best World (BW) Resources Corp. whose owners are closely identified with the Estrada administration.

The Office of the President sent a stinging memorandum to the SEC chairman ordering him to desist from speaking about the alleged stock market fraud which saw the price of BW stock increasing exponentially shortly after Macau gambling tycoon Stanley Ho bought into the company.

Testifying at a public hearing of the Senate committee on banks, financial institutions and currencies, Yasay insinuated that Mr. Estrada violated the independence of the SEC by applying political pressure on him to clear BW executive Dante Tan, a clsoe presidential ally, of any liability in the BW scandal.