Ex-PSE head Francis Lim is SEC chair
Francis Lim, former president of the Philippine Stock Exchange (PSE), was appointed the next chair of the Securities and Exchange Commission (SEC), Malacañang said on Tuesday.
Lim will succeed Emilio Aquino, whose term ends on Thursday, June 5, after seven years.
“I am deeply honored and humbled by the trust and confidence that President [Marcos] and his team have placed in me through this appointment,” Lim said in a statement sent to the Inquirer.
“I make no grand promises—only that I will put my heart and soul into this important responsibility, guided by the highest standards of integrity and service, for the good of our country,” he added.
Crucial reforms
Lim, currently a senior partner at ACCRALAW, served as PSE president from 2004 to 2010, during which time he pushed crucial capital market and policy reforms.
This includes the Personal Equity and Retirement Account Act, a voluntary retirement savings program that supplements existing government pension programs.
A law introducing real-estate investment trusts in the country was likewise enacted during his tenure, allowing Filipinos access to a new investment option.
Recognized as one of the country’s Top 100 Lawyers in 2021 by the Asia Business Law Journal, Lim specializes in both corporate law and litigation, ACCRALAW said in its website.
‘We gave our all’
“His leadership is expected to strengthen investor confidence and further promote transparency, innovation and inclusive growth in the Philippine financial sector,” Executive Secretary Lucas Bersamin said at a press briefing on Tuesday.
For his part, Aquino leaves the SEC also with major projects, including four waves of digital initiatives in a bid to hasten the agency’s processes and encourage more companies to brave the stock market.
Aquino headed the SEC’s extension offices in Davao and Zamboanga prior to his appointment to the agency’s highest seat in 2018.
“I had my time, I had my chance. That’s really up to them. At least we gave it our all,” Aquino previously told reporters when asked whether he would be reappointed.
Under his leadership, the SEC established a new in-house data center that contains the agency’s records, applications and servers.
The corporate watchdog also recently introduced new projects, including its Strategic Sandbox, a regulatory “playground” where companies can test their new products in a controlled environment.
