Yasay bids goodbye

Was there pressure from Mala-cañang? There was none, according to Securities and Exchange Commission Chairman Perfecto Yasay Jr. The embattled SEC chief announced the other day that he was finally granting one fervent wish of the Estrada administration -- his resignation. He was leaving, he said, because he felt his continued stay in the SEC was delaying Congress' passage of the Revised Securities Act.

Yasay wants only to stay on until March 25, to mark his seventh year in the SEC. Reports said he may seek a congressional seat in Davao in the elections next year. And he has vowed to make sure there will be no whitewash of the investigation of Best World Resources Corp., whose officials are being accused of insider trading and stock manipulation. The results of the Philippine Stock Exchange's probe are expected tomorrow.

If Yasay himself insists there's no political pressure in his resignation, we'll just have to let the matter rest. But we can't let the matter of stock manipulation rest. Even before the PSE has completed its probe of BW Resources, there are those who believe that the allegations of insider trading and stock manipulation are true. And there are those who believe the case is not an isolated one in the PSE. If the Philippine stock market now has the dubious distinction of being the worst performing in the region last year, part of the reason is that the bourse lacks credibility.

Malacañang's not-so-subtle efforts to boot out the government's chief regulator, whose quasi-judicial office is supposed to be independent, fueled perceptions that there is no level playing field in the local bourse. This is worsened by perceptions that among the biggest beneficiaries of insider trading are people with close ties to those in power.

Restoring investor confidence in the Philippine stock market will be a key task of whoever is chosen to replace Yasay. Although the President is the appointing power, Yasay's replacement can't afford to appear beholden to the Chief Executive. The new SEC chief will have to show independence in decision-making. And if the national leadership is sincerely trying to attract investors to this country, it will respect that independence.