Farewell Thursday
A testimonial dinner will be held at the Securities and Exchange Commission (SEC) on Thursday, 5 June, the day before the seven-year term of incumbent Duterte-appointee chairman Emilio Aquino ends.
Market sources said his replacement would likely be a SEC insider. The choice would be tough as those being mentioned are all topnotch lawyers, a requirement under the Securities Regulation Code.
A strong candidate for the post, according to Nosey Tarsee, is one who placed at the top of the bar exam.
Aquino may continue in the post after 6 June in holdover capacity until a successor is appointed, a common practice to ensure continuity in government agencies.
The testimonial at the SEC will honor Aquino’s contributions. Such events are customary for outgoing high-ranking officials.
A market source said Aquino does not expect the Palace to reappoint him. TDT
GOCC bloodbath coming
The Palace is sharpening its axe to use on several heads of government-owned and controlled corporations (GOCC), as a market source put it.
While the Cabinet shakeup is considered tame with only a few scalped heads, the massacre at the GOCCs would be far more brutal, particularly against appointees of the previous administration, according to a Malacañang insider.
“Marami ang tatapyasin (Many will be nicked),” the source said.
GOCCs are entities established by the government to perform specific functions. Examples include the Land Bank of the Philippines, Development Bank of the Philippines, Philippine Health Insurance Corporation (PhilHealth), Home Development Mutual Fund, and the Philippine Amusement and Gaming Corporation. They often operate with a degree of autonomy under government oversight through the Governance Commission for GOCCs.
GOCCs are overseen by appointed officials, typically selected by the sitting president. These appointments are often rewards for allies or to assert control over key sectors.
Over 168 GOCC heads have been asked to submit courtesy resignations.