SEC tops sincerity ratings among 36 government agencies

MANILA, Philippines - The Securities and Exchange Commission (SEC) garnered the highest rating among 36 government agencies rated for sincerity in fighting corruption.

Based on the recently-released results of the Social Weather Station (SWS)’s Enterprises Survey, the SEC received a score of 63 points.  Trailing behind was state pension fund Social Security System which got 57 points followed by the Office of the President with 54 points and the Department of Trade and Industry (51 points).

The survey is in partnership with the Integrity for Investments Initiative, United States Agency for International Development, the National Competitiveness Council and The Asia Foundation.

SEC chairperson Teresita Herbosa said the Commission has already processed and approved 9,752 business registrations within one day since the launch of the Integrated Business Registration System.

To further bring government services closer to the public, the SEC has also opened satellite offices in Ali Mall, Robinsons Galleria, and SM Manila with other malls in Metro Manila and major cities nationwide to follow, Herbosa said.

Clients who choose to drop by the SEC satellite offices can avail of company registration services such as processing of new applications, amendments to existing corporations, verification of proposed corporate names and pre-processing of registration applications, among others.

SEC director Ferdinand Sales of the Company Registration and Monitoring Department, said the Commission had processed about 24,000 new corporations last year.   The agency’s collections averaged to about P3 billion per annum for the past three years.

Prior to the results of the survey, the SEC was also recently ranked as the eighth  Best Performing National Agency by the Makati Business Club survey this August.

The results of the SWS survey come on the back of an increase in investment scams in the country and efforts by the Commission to warn investors against the problem.