Francis Lim to replace Emilio Aquino as SEC Chairman today

Outgoing SEC Chairman Emilion Aquino, whose 7-year term as head of the Securities and Exchange Commission (SEC) commission ends today, will be replaced by Francis Lim [link], a past PSE CEO/President (2004-2010) and a very experienced corporate lawyer. In a statement, Mr. Lim said: “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.” Mr. Aquino was appointed by President Duterte in 2018 and is credited with facilitating the passage of the Revised Corporation Code.

  MB BOTTOM-LINE:  I’m optimistic about Mr. Lim’s appointment, both in terms of how his past experience as the PSE’s CEO might inform his agency’s oversight of the PSE, and with respect to his work in bankruptcy and corporate rehabilitation. Some of the problems that continue to dog our market to this day (Calata, Abra Mining, etc) could benefit from a new approach that is informed by Mr. Lim’s specific resume. Will Mr. Lim address these issues head-on? Will he do it quickly or will it take some time? Who knows. His position is political, but it’s also insulated from the manic pogi-point-earning that most department heads must do to retain their at-will appointments. Mr. Lim will have the authority and the protection to make big changes, and my hope is that President Marcos has chosen Mr. Lim precisely for his ability to deliver a few high-profile wins for retail traders. Will those wins be shallow and flashy, or more meaningful with long-lasting benefits? My fingers are crossed. I hope we find out soon. Welcome back to The Show, Mr. Lim!

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