Because of the imbroglio at the Philippine Stock Exchange (PSE), lawmakers promised President Estrada yesterday that they will pass the proposed Securities Reform Act within two weeks.
During a meeting of the Legislative-Executive Development Advisory Council (LEDAC), Congress leaders said Mr. Estrada could sign the measure into law next month.
Press Secretary Rodolfo Reyes said leaders of both the Senate and the House of Representatives unanimously agreed to speed up the passage of the bill, which aims to help the government restore stability and investor confidence in the stock market.
"Leaders of Congress, including the opposition, gave a firm commitment that the Securities Act will be out and the passage is assured within two weeks. Hopefully the proposal will be signed into law before lawmakers go on recess during the Holy Week," he said.
Reyes said Congress leaders are actually prepared to pass the bill much earlier. But the stock market issue came up, delaying its passage, he added.
The bill had been passed on final reading at the Senate on November last year, Senate Majority Leader Franklin Drilon said.
However, a similar bill is still pending at the committee level of the House because of alleged lobbying by certain stock brokers opposed to reforms.
One of these changes include the reorganization and restructuring of the Securities and Exchange Commission and the PSE.
Finance Secretary Jose Pardo said the President suggested to lawmakers to empower by "demutualization."
This means the ownership of the exchange would be opened to more people and no single interest would control the market.
"In effect, this will enable the public to own at least up to 70 percent of the stock exchange. This is very profitable," Pardo said.
Among those who attended yesterday's meeting were Vice President Gloria Macapagal-Arroyo, Senate President Blas Ople, Speaker Manuel Villar, Drilon, Senate Minority Leader Teofisto Guingona Jr. and House Minority Leader Feliciano Belmonte Jr. (Quezon City, Lakas).