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Corporate
Yuchengco seeks SEC withdrawal of broker-director term limit rule; challenges mandate in court
Former Philippine Stock Exchange chair Ma. Vivian Yuchengco is urging the Securities and Exchange Commission (SEC) to withdraw a circular that sets term limits for the bourse’s broker-directors, stating the move weakens fundamental corporate governance principles and shareholder rights. In her statement, Yuchengco emphasized that good governance depends on directors earning and retaining shareholders’ trust, while regulators must respect that electoral choice. She noted that repeated re-election should not be dismissed by the SEC, but rather reinforces the commission’s duty to clearly justify why such a choice should be overridden. Along with fellow director Eddie Gobing, Yuchengco has also filed a petition with the Court of Appeals to have the rule declared unconstitutional; both bring extensive board experience, with Yuchengco having served 28 years and Gobing 25 years.
Economy
PAGCOR decoupling nears decision as Tengco backs regulator-only role
The proposed separation of PAGCOR’s regulatory and casino-operating functions is nearing a key government decision, with Chairman and chief executive officer Alejandro H. Tengco pushing for the state gaming agency to focus solely on regulation.
Economy
DBCC nears fuel tax recommendation as oil stays high
The Development Budget Coordination Committee (DBCC) is finalizing its recommendation on possible fuel excise tax relief as elevated global oil prices continue to push up domestic pump prices, Malacañang said Thursday.
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