Published June 30, 2021, 9:26 AM
Supreme Court
“Fairness is what justice really is,” said the late former Justice Potter Stewart of the United States Supreme Court.
Justice Stewart’s famous quote aptly described how the Philippine Supreme Court (SC) resolved the dispute between the Securities and Exchange Commission (SEC) and the Commission on Audit (COA) involving the use of the former’s retained earnings for the provident fund of its officials and employees.
In 2010, SEC disbursed P19.72 million out of its retained earnings – derived from service fees and rebates – as its contribution to the provident fund wherein officials and employees would shell out three percent of their monthly salaries as their counterpart fund.