SEC chief willing to take pay cut

Securities and Exchange Commission (SEC) Chairwoman Fe Barin said yesterday she will volunteer for a pay cut as her personal contribution in helping the country get over its financial woes.

"If it has to be cut so be it. When I accepted the job, the matter of what I get was not an issue. It’s too late to raise that now," Barin told the Manila Overseas Press Club’s (MOPC) weekly breakfast forum at the Ristorante La Dolce Fontana in Greenhills, San Juan yesterday.

Barin stressed getting a salary lower than her predecessor would never be an issue so long as she could help the government reduce its debt to avert a fiscal crisis.

Based on the report submitted by the Commission on Audit, former SEC chairwoman Lilia Bautista received P4.2 million in pay in 2002.

Barin made the statement in the wake of criticisms focusing on top executives of government-owned and controlled corporations (GOCCs) receiving salaries from P4 million to P9 million a year.

The criticisms prompted lawmakers from both sides to call to adopt austerity measures and monitor government expenditures.

Malacañang has implemented several austerity measures from controlling the use of air-conditioning units and lights to providing meals in styrofoam packs to its officials during meetings.

As far as the SEC is concerned, Barin said the agency has already adopted cost-cutting measures by turning off the air-conditioning units after 5 p.m., conserving water and limiting the use of facilities, office supplies and other utilities.

"Everybody should cooperate. We’re doing everything we can to bring down operating expenses. We are recognizing it as a reality. The important thing is I could do my job," she said.

Barin also told the forum of her commitment to pursue critical reforms aimed at further developing the capital market, promoting good governance among corporations and strengthening investor protection.

"I am familiarizing myself with the provisions of the law. I know it’s only when you have solid background can you do what is required of you to do. I also look at the foundations my predecessor has made and you know that they have done a good job," Barin said.

Barin said she would do her best to sustain SEC’s efforts in fighting corruption.

"The SEC was No. 1 in its serious commitment to fight corruption. This is important nowadays. Corruption is non-negotiable. We will preserve gains already made and make improvements if any is needed. I want the SEC to be known as a reasonable regulator," she said.

Barin called for support from SEC officials in implementing the reforms.

She pointed out the SEC is a collegial body composed of five independent-minded people. "There are also times that we may not agree but we have to come up with majority decisions. That’s what I would like to be accomplished. I’d like to think that we are five mature people," she said.