Aquino appoints ex-SGV chair Balangue as new SEC commissioner

MANILA, Philippines (UPDATED) – President Aquino has appointed another former chief of local auditing giant Sycip Gorres Velayo & Co. (SGV) to a government post.

On Sunday, July 8, Deputy Presidential Spokesperson Abigail Valte announced the appointment of David Balangue as the newest commissioner of the corporate regulator, the Securities and Exchange Commission (SEC).

Balangue, former SGV chairman and managing partner, replaces SEC Commissioner Raul Palabrica who retired in March 2012.

Balangue’s appointment was reportedly supported by Finance Secretary Cesar Purisima, himself a former chair and managing partner of the country’s largest and most influential auditing group.

The SEC is one of the powerful agencies in government with its task to regulate corporate activities and capital markets in the country and ensure that there is a balance between the interests of investors and the needs of a competitive business environment.

With Balangue now part of the 5-man commission, President Aquino now has two appointees. The other is current SEC Chairman Teresita J. Herbosa, a lawyer.

Balangue will be the only non-lawyer among the commissioners. Juanita Elegir-Cueto, Manuel Gaite and Eladio Jala all have legal backgrounds and appointed by former President Arroyo.

Prior to starting his SEC stint, Balangue climbed the corporate ladder since he joined SGV in 1982, retired in 2009, and had been active in corporate governance efforts since.

Just like SGV’s chair emeritus Washington Sycip, Balangue also sat in different boards of private and listed firms, including Roxas Holdings, Trans-Asia Oil and Energy Development Corp.

He has been visible among business and policy-making circles through his active participation in industry associations, including Philippine Institute of Certified Public Accountants (PICPA), the Financial Executives Institute of the Philippines (FINEX), Capital Markets Development Council, and the Management Association of the Philippines (MAP).

He has a magna cum laude for his B.S. Commerce degree from Manuel L. Quezon University, a post graduate Finance degree from Northwestern University in Illinois. – Rappler.com