SEC gets new chairman

MANILA, Philippines — President Duterte’s lone appointee at the Securities and Exchange Commission (SEC), Emilio Benito Aquino, has been named the new SEC chairman, succeeding Teresita Herbosa whose seven-year term ended in March.

Aquino, one of the four SEC commissioners, was appointed in December 2016.

Like Duterte, the 53-year-old Aquino hails from Mindanao and was also a graduate of the San Beda College of Law. He will serve until 2025.

“I am excited to carry on the mandate of the SEC,” Aquino told The STAR yesterday.

While he was appointed as SEC commissioner just in 2016, Aquino is a veteran in the commission, where he rose from the ranks to become the youngest director of its former Prosecution and Enforcement Department (PED) and Non-Traditional Securities and Instruments (NTD) Department.

He is credited for having issued the most number of Cease and Desist Orders against pyramiding and boiler-room operations of pseudo investment firms.

A Zamboangueño, Aquino headed the SEC Davao and Zamboanga Extension Offices where he launched capital market promotion activities as well as enforcement programs against investment scams in the countryside.

By profession, Aquino is a certified public account and lawyer. He taught commercial law subjects at the law schools of Ateneo de Zamboanga and Western Mindanao State University.

As SEC Commissioner, he was designated as the Supervising Commissioner on Enforcement, Human Resource and Administration as well as Extension Offices concerns.

As such, he spearheaded the SEC’s campaign as “Champion of Investor Protection.”

He was also in charge of Cybercrimes and Cryptocurrencies.

Aquino earned a Bachelor of Science degree in Commerce major in Accounting, magna cum laude and Valedictorian, at the Universidad de Zamboanga in 1984.

He hurdled the CPA Licensure Exams with a rating of 89.14 percent. He finished his law studies at San Beda College where he was a dean’s lister and silver medalist. He placed 16th in the 1992 Bar exams.

Under a government scholarship, Aquino earned a master’s degree in public management at the Development Academy of the Philippines, graduating at the top of his class.

He is a past president of the Integrated Bar of the Philippines-Zambasulta Chapter which was recognized under his leadership as the country’s Best IBP Chapter during the 15th National Convention of Lawyers in Cebu City.

Aquino’s appointment puts an end to speculation that former SEC chairman Perfecto Yasay would make a comeback. Aside from Yasay and Aquino, corporate lawyer Francis Lim was also constantly on the list of the next possible SEC chair.