A SUMMER IN MANILA

A US law students experience interning at the Philippine SEC

There is no shortage of interns and opportunities in the SEC main branch in Manila, the bustling
capital of the Philippines, but a US law students experience will be completely different from those
of her peers in terms of expectations, work, and challenges.

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A US law students experience interning at the Philippine SEC

Why the Philippine SEC?

The work youll receive as a law student is meaningful, challenging, and

interesting. Youll also have the opportunity to work in different
departments, experiencing different aspects of the market and its
regulation each time.
If youre looking for experience in Asia, the Philippines is the best place to
begin that journey. The open culture, prevalence of English, and familiarity
of the laws (the SEC was founded using the same body of laws that the US
SEC was founded on and shares many similar corporate law concepts)
ensure an easy transition.

If youre looking for

experience in Asia,
the Philippines is the
best place to begin
that journey.
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For a law student, the SEC is a fantastic place to learn about securities and
corporate regulation in all its forms. In any given department there are
generally at least two attorneys and its likely that the Director of that floor
is a lawyer as well. Every attorney I spoke to was friendly and took it upon
themselves to make sure I felt welcome.

Getting There

Unfortunately, unless you know what youre looking for, its not particularly
easy to get an internship with the SEC as a foreigner. Thats not to say that
the SEC isnt accepting interns in most departments there are two or
three Philippine undergrads, typically majoring in accounting, business, or
pre-law but the SEC has established channels with the colleges these
students come from. Everyone else has to put in a little legwork.
There is no information about their internship program on their website but
they do have a facebook page (SEC Interns of the Philippines). The SECs
social media presence is moderated by interns so it is far more
straightforward to e-mail the head of the Internship Program, Nolivienne C.
Ermitao (nolivienne@gmail.com) and his right-hand woman, Lineth
Castillo (linethcastilloo@gmail.com).
You should include your background (US citizen, law student, and your
interest in one or two specific departments), as well as a resume within

your email. Its important that you have a strong time-frame in mind of when youd like to arrive and
how long you can stay.
It can be very beneficial to state your connection with someone currently in the SEC or someone who
has interned or worked there in the past. Dont be afraid to follow up and be persistent.

Placement

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One of the biggest and most exciting questions when considering the SEC is what department or
division you are interested in. Get an idea by checking out the departments on the SEC website. Some
of these overlap with the United States, so a compare and contrast might be helpful, but its important
to note that not every department is listed on the SEC website and that some of these departments
are actually further divided into sub-departments.
But theres no promise youll get your preferred department. In December (for summer placement) I
stated my department preference. But intern preference is only one factor taken into consideration.
Ultimately, the determining factors are whether there is room in the department, whether the director
of that department wants you (you may go through a series of department interviews on the first day
as your coordinator attempts to find the best fit), and what assignments they might have for you. If a
director is too slow to make the necessary moves to have you secured in her department theres a
good chance youll wind up some place else. This happened to me twice! Fortunately, I was assigned
work I enjoyed in the first department and worked alongside a lot of great people.
The second placement was an interesting process: on what was supposed to be my first day in my
second department I was finally given a placement but in a department that was neither preferred
nor helpful to my career. But a director was able to line up a backup for me while my friends in my
preferred department were able to get me immediate placement.

Culture of the Philippine SEC

One of the reasons any person considering international law in Asia should apply to be an intern at the
SEC is the culture of the institution. The SEC is one the highest ranked Philippine government
institutions in the nation and was established in 1936 just two years after the US SEC. The SEC of the
Philippines, like its US counterpart, has several significant functions including supervision over all
business entities, policymaking with regard to market in securities, and investigation and enforcement
of securities law. Because of this the SEC is filled with intelligent, industrious people and there is never
a shortage of work.
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Its likely that youll enjoy getting to know your fellow coworkers. The Philippine people are
internationally renowned for being generally friendly, gregarious, and welcoming. They treat foreigners,
and foreign interns, like theyre guests in their home. At the end of the week youll have made plenty of
friends, especially if you join the other employees while theyre having a lunch or snack.

Finally, its important to note that certain questions or teasing is very commonplace. In my time at the
SEC Ive been asked a vast array of questions that might not be commonplace in the US. Some of
which might be considered invasive or positively inappropriate to an American!
Many of these questions reflected the cultural norms which emphasize religion (in the Philippines this
is Catholicism) and status which are approached in a much more straightforward fashion than
Americans may be used to.
Teasing also occurs constantly and its generally just in good fun. As an American, youll probably
generally be teased about how you speak Tagalog (if youre endeavoring to learn), your cluelessness
with certain aspects of Manila-living, or about your (presumed) status as a rich American.

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Food is one of the most significant parts of Filipino culture and its over light meals that youll have the
best opportunity to get to know your coworkers. Breakfast begins in the pantry at 8am and, depending
on the department, may go on until 9am. At 10am theres a merienda (a small snack time and
holdover from Spanish occupation), then at noon everyone migrates either to the nearby mall or to the
pantry for lunch. At 3pm theres another merienda and you shouldnt be surprised to get invited out to
eat immediately after work at 5pm. Its during these little siestas that the gracious host aspect of
Filipino culture is most evident food is constantly being shared! Every day I had fruits or snacks given
to me, but its appreciated if you also bring food to share as well. At the end of my stay I bought pizza
for the departments I worked in to show my appreciation to my coworkers and fine chocolates and
liquor for my supervisors. This is a common custom among Filipinos and while its not required, its
always good to show your gratitude. Similar things were done by other coworkers when they
celebrated an achievement in their life, like receiving their Masters or having a birthday.

What was work like?

Your mileage may vary! While I felt like I was assigned meaningful work and had the opportunity to
enjoy interesting and unique experiences other interns did not. The reason for this seemed to be multifold: some interns were in majors that werent in synch with SEC functions, some were assigned to
departments that werent proactive in giving them work, but most importantly it seemed to me that
these interns werent proactive in seeking assignments. Even if there is no work available, the intern
coordinator has a myriad of assignments available.
However, I found that the work I did to be very enjoyable and it was assigned to me immediately, with
subsequent projects escalating in difficulty as I gained supervisor trust.
My first month-long placement was in Market and Securities Regulations and Corporate Governance,
under the supervision of a team of two attorneys. As a law student, there was the presumption that I
was already well-acquainted with the body of laws that the SEC was founded on and had decent
knowledge of corporate law. Any gap in knowledge was something I was expected to fill in on my own

time. For this reason I would recommend this internship to those who have already finished Business
Associations and come prepared by reading the Securities Exchange Act of 1934.

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My first project involved the proposal from the Bankers Alliance of the Philippines (a private
organization comprised of bank representatives) who wanted to implement and oversee the Overnight
Index Swap in the Philippine market. The Overnight Index Swap is something currently implemented in
the US but moderated by the Federal Reserve. My critique was then used in the SECs meeting with the
BAP the following week. My next assignment required me to to provide a policy and structure critique
of the Philippine Stock Exchange of depositories. These assignments were significant to the Philippines
economy and my supervisors made it clear that they valued and utilized the work that I had done.
For the second part of my internship, I requested to be put into Corporate Governance. There I was
under the supervision of two new lawyers and became intimately acquainted with mutual funds and
proprietaries (at my request), as well as the substance and structure of the prospectus that each
corporation must submit. Seeing what corporate lawyers must submit (and what they get wrong), as
well as what regulatory lawyers must review, provided me an interesting perspective that I couldnt get
anywhere else.
Occasionally, I was personally invited to sit in on business proposal meetings and seminars which were
an exciting supplement to my assignments. These meetings are generally a mixture of Taglish (Tagalog
and English), making it all the more important to be proactive in learning the language! I was also
given materials and access to learning aides during my time here as well (many times unsolicited,
which speaks to the culture of hospitality and warmth that is constantly demonstrated).

Living in Manila

The Culture.

Living in Manila is a unique experience that can be both easy and difficult all at once. One of the best
things is undoubtedly the culture. The Philippines is well known for its warm and welcoming people. Its
nearly impossible to not make friends. Unfortunately, many of the interns may not be as friendly,
whether theyre shy or because of the language barrier, but the full-time employees are typically much
more gregarious and open. One of the best and easiest ways to get involved is to join in on the meals
and take them up on after work or weekend excursions.
Malls are the epicenter of socialization and fun in Manila, as well. If youre invited out, chances are
youll be meeting (and spending) the whole day in a mall. When I once asked why, I was told it was the
only place to escape the heat! The malls in Manila are huge, with many having movie theaters, art
galleries, skating rinks, spas, and restaurants from all over the world.
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The Language

Everyone knows English (to at least some degree) but I would recommend making a solid attempt at
learning Tagalog while youre here. Tagalog is a conglomerate of many different languages, including
Malay, Hindi, English, and Spanish, and it can look and sound intimidating at the outset. But dedicated
commitment to the language can ensure that within a month you can have basic conversations and the
effort is typically appreciated (or at least found amusing) by the people youll meet.
A few good phrases to get you started:
Kamusta ka na? How are you?
Paalam Goodbye!
Magandang umaga Good morning!
Salamat po! Thank you! (Po is added for respect)
Mangkano? How much?

Getting Around and Accommodation

One of the unfortunate but significant characteristics of Manila is the traffic. Many employees commute
an hour each way and many people have told me they wait as late as 9pm for traffic to subside before
attempting to go home at night. Thats to say nothing of the lines to get a taxi, Grab, or Uber, some of
which can take upwards to an hour without including the drive. Things are especially bad if it rains,
even lightly.

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Walang anuman Its nothing / youre welcome.

Thus, the best thing any potential intern can do for themselves is try to get accommodation thats
close enough to walk to work.
In terms of accommodation, a condo is recommended. A decent space will typically be $30 per month,
but will need to be set up with wifi and utilities. Despite this, youll save yourself a significant amount of
money. This option can be a little difficult unless you ask your coworkers to help.
You can find outfitted condos on AirBnb and Flipkey but theyre typically the same amount as a hotel,
which will cost you around $50. If the hotel is significantly cheaper than that and its close to the
Philippine International Convention Center be mindful about whether or not youre looking at
accommodation in the red light district. I booked in this area a few years ago by mistake but the room
and area was safe enough for a woman traveling solo. At worst, I received a few curious looks.
When considering things to do, its unfortunate but Manila does not have many attractions. The general
outing comprises of a trip to one of the many massive malls scattered throughout the metropolis,
where you can see huge crowds of people on any given day, at any given hour.

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However, there many interesting and beautiful sites in the Philippines that can be pushed into a
weekend trip if you dont mind jumping on a domestic plane (usually at a very affordable rate). Theres
Palawan renowned for its rock formations and blue-green waters, Bicol where you can swim with giant
whale sharks, the lovely island of Bohol, and the party island Boracay. For the more adventurous
types, you can even hop on a bus to Baguio or Banaue, where the Philippines has some of its most
beautiful rice terraces. Even a day trip to Taal Volcano (2 hours outside of Manila) can be a great trip,
as youll get a chance to see the more idyllic province, with the opportunity to ride or hike up to the
craters lip.