Ex-SEC general accountant may replace Poblador

A former senior partner at accounting firm Sycip, Gorres, Velayo & Co. and general accountant at the Securities and Exchange Commission (SEC) is being eyed to replace the position vacated by SEC commissioner Joselia Poblador.

Roberto Manabat, who resigned last December from the SEC as general accountant, was reportedly recommended by Finance Secretary Margarito Teves and SEC chairperson Fe Barin.

Manabat said while he is grateful to both Teves and Barin for personally recommending him, it’s still all up to President Arroyo to decide who should replace Poblador.

Poblador’s successor would serve her remaining term of one and a half years or until June 30, 2007.

Informed sources said Manabat would be a good choice to replace Poblador given his vast knowledge in accounting or financial reporting.

"Since this is the first year that the International Accounting Stardards would be implemented, the Commission would need an accountant to ensure the smooth transition to IAS," source said.

As SEC general accountant, Manabat was tasked with ensuring companies’ compliance with the required financial reporting system. During his term, there was a noted improvement in the financial reporting of listed corporations.

"If there is no enforcement, nothing happens with our rules. More companies are now more careful in what they submit now because of the new rules on financial reporting," Manabat said.

Poblador resigned from her post last December to allow her to pursue other personal activities which she could not otherwise engage in due to the demands of her office.

Lawyer Mela Bengzon, vice-chair of the Malacañang-created Constitutional Commission, was earlier floated as among those being considered to replace Poblador.

Sources, however, said Bengzon is more keen on taking the SEC helm than serving as associate commissioner.