SEC gets highest sincerity rating among gov’t units in SWS survey

Efforts of the Securities and Exchange Commission (SEC) to adopt leading good business principles and cut the red tape have paid off as it has been recognized as having the highest sincerity among government agencies in fighting corruption.

Based on the recently-released results of the Social Weather Station (SWS) Transparent and Accountable Governance Enterprises Survey, the SEC ranked first among 24 government agencies in both gross and net sincerity rating followed by the Supreme Court and the Department of Health.

A net sincerity rating is the percentage who consider the agency sincere, minus the percentage who consider it insincere, in fighting corruption.

For the past two years, the SEC and the Supreme Court tied for the first place. The yearly surveys have given SEC consistently increasing high marks.

SEC chairman Lilia R. Bautista attributed the consistently increasing positive results to the reforms initiated by the state securities regulator since 2000 when the Securities Regulation Code was passed. Among these reforms include the reorganization of the SEC focusing on its regulatory core functions, the demutualization of the Philippine Stock Exchange (PSE), the issuance and enforcement of the Code of Corporate Governance, and the SEC computerization program.

Bautista foresees increased improvement in SEC public service once the I-Report phase of the agency’s computerization program is put in place within the next 10 months. This phase will enable all persons to file online reports required under SEC-enforced laws.

More importantly, the public will be able to access, on line, information relative to corporations without going to the SEC offices.

The SEC chief, nevertheless, advised investors to continue being vigilant and to report any question or complaint relative to service expected from any SEC employee to the following numbers 725-4118 and 725-8260.

Compared to the 2002/03 survey, seven agencies rate better (i.e., got more positive), namely SEC, Ombudsman, COA, the city/municipal government, Department of Justice, Philippine Commission on Good Government and Trial Courts.

On the other hand, the agencies perceived to be corrupt are the Philippine Amusement and Gaming Corp., Department of Interior Local Government Units, the Senate, House of Representatives, Land ofTransportation, Philippine National Police, Bureau of Internal Revenues and the Bureau of Customs.