INTRODUCTION

Last year, the Securities and Exchange Commission, whose primary mandate is the development and regulation of the Philippine capital market, underwent a number of changes, as the new Securities Regulation Code, prescribing sweeping reforms, took effect on August 8, 2000.  These reforms provide SEC with an emphasized role to positively influence the Philippine macroeconomic environment.

Thus, the theme:  Changes, Challenges, and Opportunities - for our 2000 SEC Annual Report is apt and timely.

In addition to the general statistics defining SEC’s performance for the past year, this report presents, though charts/graphs, significant developments that may be useful to or, at least, provoke new ideas on the part of those charged with the formulation of policies to achieve our development goals and objectives.  In a knowledge-driven world economy, these new ideas are the keys to building our competitiveness.

For those who, by choice or otherwise, are unaware of the reality of globalization, it is worthwhile noting that the integration of the world economy has grown, for sometime, with:

• The migration of labor.

• The movement of goods and services.

• The transfer of capital via international lending and borrowing.

• The formation and operation of multinational corporations.

• The developments in information and communication technology.

Today, more than ever, profound changes in the world are taking place and at a far faster pace.  These changes could call for revision of policies, laws, practices and structures, to enable us to survive and thrive.  The challenge lies in our capability to recognize change and to generate new ideas amidst changes.

It is our hope that this Annual Report can add more to the information base and contribute, in some measure, to the transparency that the new law requires of all Commission actions and processes.

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