Securities Act to boost mart - Villar

Speaker Manny B. Villar said yesterday that the impending passage of the Securities Act currently being taken up by the House of Representatives will restore investor confidence in the country's stock market and pave the way for continued economic growth.

"We hope to pass it (Securities Act) before the Holy Week recess or in about a months time," said Villar.

He added that the House will not wait for the ongoing probe of the Securities and Exchange Commission (SEC) on Best World (BW) Resources to finish, before passing the Securities Act.

"We will take into consideration the inputs of the investigation and integrate it into the bill if needed, but I do not think we can wait for it (investigation) to finish as it may drag on for months," he said.

Villar pointed out that the proposed law aims to institute stricter provisions against insider trading and price manipulation in a bid to strengthen the country's stock market.

It will also clarify existing rules and regulations in the stock market, some of which are open to ambiguous interpretations.

The measure, says the speaker, will also seek to ensure that the perceived wrong-doings that occurred in the BW case will not be repeated.

"Overall, we want a stronger more credible stock market that will help boost our economic growth towards improving the people's lives," said Villar.

The House, he said, is intent on passing certified priority bills of the administration.

"We have been doing our part and will work to pass the Securities Act at the soonest possible time," he said.

Among the economy-related administration priority bills passed by the House are the Anti-dumping Duties Act, and Countervailing Duties Act, which act as safety nets to protect local industries from the onslaught of globalization.

Also passed by the House on third and final reading are the General Banking Act, Retail Trade Liberalization Act, and a bill to provide incentives for Multi-national companies which put up their regional headquarters in the country, among others.