QuestionsQuestions (EXECUTIVE ORDER NO. 60)
EO No. 60 transfers the SEC from the Department of Finance to the Office of the President, so the Office of the President exercises direct administrative supervision over the SEC.
The Office of the President (within the Executive branch) is designated to exercise direct administrative supervision and oversight over the SEC.
It cites Presidential Decree No. 902-A (SEC’s charter) requiring direct general supervision of the President, and the Administrative Code of 1987 provision on the President’s continuing authority to reorganize the administrative structure of the Office of the President.
EO No. 60 removes the SEC from the Department of Finance and places it under the Office of the President for direct administrative supervision and oversight, implying closer Executive control rather than supervision by the Department of Finance.
EO No. 60 declares that matters not expressly appealable to the Court of Appeals under then-current Supreme Court circulars are declared appealable to the Office of the President.
EO No. 60 invokes Section 31, Chapter 10, Title III, Book III (continuing authority of the President to reorganize the administrative structure of the Office of the President) and Section 38, Chapter 7, Title III, Book IV (authority related to the assumption of oversight/functions, as referenced in EO’s rationale).
EO No. 60 states that PD No. 902-A mandates the SEC be under the President’s direct general supervision; therefore, moving SEC to the Office of the President aligns the SEC’s actual placement and oversight with the charter’s supervision requirement.
EO No. 60 states the administration aims to encourage active participation of private corporations in developing the domestic capital market and to promote foreign investments, requiring more efficient coordination among government offices for SEC’s mandated functions.
It aims to create more efficient and effective coordination between the SEC and other government offices by aligning SEC’s supervision to facilitate the Commission’s mandated functions consistent with national policy.
They are repealed or modified accordingly, under Section 3 of EO No. 60.
It takes effect immediately upon issuance, as stated in Section 4.
EO No. 60 was signed by President Joseph Ejercito Estrada and countersigned by Rolando B. Zamora, the Executive Secretary, as reflected by the signature lines.
It affects the review/appeal pathway for affected parties by expanding or clarifying where they can seek appeal when the matter is not expressly appealable to the Court of Appeals under Supreme Court circulars.
EO No. 60 provides that the Office of the President assumes direct administrative supervision and also assumes oversight and other functions—administrative and otherwise—over the SEC.