SEC associate commissioner Joselia Poblador said the agency hopes to finish the terms of reference next month and immediately thereafter hold a public bidding.
Financial statements of companies with gross revenues of P10 million and above will then be made available through the SEC’s website (sec.gov.ph) by the end of the year.
The move, Poblador said, is part of SEC’s efforts to provide quicker, better and more efficient services and promote the Philippines as a base for globally competitive operations.
The SEC earlier launched its online registry system which allows the public to verify and register their business name with the corporate watchdog via the Internet anytime, anywhere.
The system, called SEC-iREgister, is the first in a series of computerization projects of the SEC, which includes among others, an online transaction processing system, an online analytical processing system and a decision support system.
The SEC will facilitate the management of information from the collection of data to the dissemination of information vital to the development of the Philippine securities market.
The corporate registry system will allow remote submission of company registration applications. It is envisioned to reduce the volume of applications received and manually processed by the company registration and monitoring department, allowing more time to be invested in the assessment, evaluation and monitoring functions of the staff.
The verification function, on the other hand, shall automatically display similar names that have been reserved and registered or globally and internationally recognized names that can no longer be unduly misappropriated.
The SEC’s computerization project will also include on-line processing of brokers’ licenses and access to relevant data filed by corporations. The public will have acess to all annual reports, general information sheets, and other periodic reports filed with the Commission.
It likewise hopes to include the electronic filing of investor complaints and electronic access by the SEC of information held by other agencies.
Moreover, the SEC intends to compile all its decisions, opinions and cases in electronic format to ensure ease of access to public documents.
SEC chairman Lilia R. Bautista said the automation of the SEC’s filing and access facilities will speed up the process and enable the agency’s staff to focus on more value-added services.
By simplifying and automating functions, the SEC does not only introduce greater efficiency in services but also eliminate opportunities for graft and corruption, Bautista said.