MANILA, March 13 (PNA) — Finance Secretary Cesar V. Purisima lauded the agreement between the Securities and Exchange Commission (SEC) and the Chartered Institute for Securities and Investment (CISI) to explore areas of cooperation to enhance professional qualifications of market professionals in line with global standards and best practices.
Signing a joint statement last Feb. 13 on the occasion of the Lord Mayor of London Alan Yarrow’s visit to the Philippines, the SEC and CISI both recognized the need for the Philippines to align the framework for financial regulation with current global standards in areas like the competence of market professionals.
“As the Philippines continues growing as Asia’s resilient economic powerhouse, skills of market professionals in our country need to be at par with those in global financial centers like London. I welcome steps towards mutual cooperation and I look forward to strengthening our foundations as a leading ASEAN financial center through joint initiatives with the private sector,” Purisima said.
The joint statement between the SEC and CISI cited evaluation and improvement of professional qualifications alongside continuous training as pivotal processes in building and strengthening a critical pool of competent market professionals in the Philippines.
The joint statement also emphasized the need to nurture professionals with the highest standards of integrity and fairness.
“I am proud to learn that the CISI 2014 global award winner for the highest score in Operational Risk examination is an employee at the HSBC electronic data processing facility in Manila. This shows how the Philippines is indeed Asia’s bright spot. I remain convinced that the right investments to our people and policy environment will reap untold dividends,” Purisima said.
In the signed joint statement, SEC and CISI will explore the development of training programs in various areas such as, but not limited to, financial reporting, auditing, risk, and compliance.
The statement also signaled the possibility of CISI opening a Manila office to facilitate cooperation between the UK and the Philippines.
CISI is a charity and leading global professional body based in the United Kingdom providing continuous learning opportunities and qualification training.(PNA)