TRANSFERRING THE SECURITIES AND EXCHANGE COMMISSION FROM THE OFFICE OF THE PRESIDENT TO THE DEPARTMENT OF FINANCE

WHEREAS, under Section 1, Chapter 1, Title I, Book III Executive
Order No. 292 or the Administrative Code of 1987, the President shall
have control of all executive departments, bureaus and offices;

WHEREAS, Section 31, Chapter 10, Title III, Book III of the
Administrative Code of 1987, provides continuing authority to the
President to reorganize the administrative structure of the Office of
the President;

NOW, THEREFORE, I, JOSEPH EJERCITO ESTRADA, President of the Republic
of the Philippines, by virtue of the powers vested in me by law, do
hereby order:

SECTION 1. The Securities and Exchange Commission is
hereby transferred from the Office of the President to the Department of
Finance (DOF).

SECTION 2. The DOF shall assume administrative
supervision over the SEC including, but not limited to, the formulation
of capital market development and savings mobilization policies, as may
be consistent with the provisions of Section 38, Chapter 7, Title III,
Book IV of the Administrative Code of 1987.

SECTION 3. Any portion or provision of this
Executive Order that may be declared unconstitutional shall not have the
effect of nullifying other portions or provisions for as long as such
remaining portions can still subsist and be given effect.

SECTION 4. All executive rules, regulations and other
issuances or parts thereof which are inconsistent with the provisions of
this Executive Order are hereby revoked or modified accordingly.

SECTION 5. This Executive Order shall take effect immediately.

Adopted: 07 Jan. 2000

By the President:

(SGD.) RONALDO B. ZAMORA
           Executive Secretary