BIZ BUZZ: CMIC changing of the guard
Six years after taking the helm of Capital Markets Integrity Corp. (CMIC)—he market regulation arm that was spun off by the Philippine Stock Exchange (PSE) into an independent entity with its own self-regulatory organization status two decades ago—securities lawyer Daisy Arce has opted to retire.
For some trading participants, it came as a surprise.
Arce assumed the CMIC presidency in 2017, succeeding Cornelio Gison as part of a group-wide reorganization at the PSE, around the same time that Ramon Monzon was appointed PSE president. Perhaps one of the challenging points during Arce’s career run at the CMIC was the collapse of stock brokerage R&L Investments, prompting the CMIC to take over the latter’s operations.
Now the next question is, who will take her place? We heard that Gerard Sanvictores, an independent director at CMIC and chair of its audit committee, has been appointed officer-in-charge. Looking at the latest memorandum issued by CMIC this month, Sanvictores has become the new signatory as OIC.
Sanvictores, a certified public accountant, is no stranger to CMIC as he had joined the board as independent director in 2019. Prior to that, he was board member at the Professional Regulatory Board of Accountancy for four years and a former partner at SGV & Co. (where he had worked for a total of 36 years).
CMIC was established for the primary purpose of reinforcing the confidence of the investing public in capital market institutions and promoting a more active and vibrant market participation. Accordingly, it acts as the independent audit, surveillance and compliance arm of the exchange. As such, Sanvictores’ credentials are seen to make him suitable to fill the void left by Arce.
—Doris Dumlao-Abadilla
‘Kadiwa for kakosa’
The Marcos administration opened the latest Kadiwa store in the most unlikely place: the New Bilibid Prison in Muntinlupa.
The Department of Agriculture on Monday announced its collaboration with the Bureau of Corrections to launch the first Kadiwa pop-up store inside the country’s main insular prison.
This would provide persons deprived of liberty, residents and BuCor employees direct access to fresh and affordable food and basic commodities in light of skyrocketing retail prices.
Food products for sale at the Kadiwa store in Bilibid include highland and lowland vegetables, fruits, eggs, assorted smoked and dried fish, mushroom products, coffee, noodles, cooking oil and herbal oils.
The DA, through its Agribusiness and Marketing Assistance Service, has been expanding Kadiwa outlets to provide an avenue to sell agricultural products at prices lower than prevailing market prices.
According to the agency, there were 342 Kadiwa outlets nationwide as of June this year. Meanwhile, 151 farmers cooperatives and associations benefited from the Kadiwa program as of July.
