G.R. No. 208379 , March 29, 2022
LUIS R. VILLAFUERTE, CARIDAD R. VALDEHUESA, AND NORMA L. LASALA, PETITIONERS, VS. SECURITIES AND EXCHANGE COMMISSION, BANGKO SENTRAL NG PILIPINAS, SECRETARY OF FINANCE, THE NATIONAL TREASURER, BANKERS ASSOCIATION OF THE PHILIPPINES, PHILIPPINE DEALING & EXCHANGE CORPORATION, PHILIPPINE DEPOSITORY & TRUST CORP., PHILIPPINE SECURITIES SETTLEMENT CORPORATION, PHILIPPINE DEALING SYSTEM HOLDINGS CORPORATION, AND VICENTE B. CASTILLO, RESPONDENTS.

FACTS

Petitioners contend that the Securities and Exchange Commission (SEC) cannot regulate the trade of government securities as these are not covered by the Securities Regulation Code ( Republic Act No. 8799 ). They argue that the SEC therefore cannot authorize the Philippine Dealing & Exchange Corporation (PDEx) to operate an over-the-counter market for government securities, and that jurisdiction over this market belongs to the Secretary of Finance. Petitioners further argue that public respondents allowed PDEx to monopolize the over-the-counter market because the SEC required brokers and dealers to become members of a self-regulatory organization (SRO), which was only PDEx at that time, to be able to trade in this market.

ISSUE

Whether the Petition suffers from procedural infirmities meriting its outright dismissal.

RULING

The Petition suffers from procedural infirmities, meriting its outright dismissal. Petitioners failed to establish their legal standing to institute the action and have raised factual questions which cannot be resolved by the Court.