What if we tell you that you only have to go to a computer terminal with Internet access to register your business/organization with the Securities and Exchange Commission (SEC)? Would you believe us?
You’d better, because it’s true. The SEC is introducing "iRegister," a Web-based company registration system. Filipinos will now have the convenience of registering their businesses online 24 hours a day, seven days a week. In the past, it would have been unthinkable for anyone to do this while sitting down in front of a computer but technology and genius have a way of making life easier for us who just do not have the stamina and the patience to line up for a day.
"People would not have to rush to the SEC during office hours (to register)," says Arturo San Gil, director of the SEC’s Economic Research and Information Department. "It gives the public the convenience to do the registration in their own time, at their own pace."
What’s more, SEC personnel will be able to spend more time in the monitoring process as the routine transactions are taken care of online.
May 8 launch
The service is now in its test stage and the public is invited to try it and get a feel of it before it is officially launched on May 8.
"During the test period, we expect all the bugs to come out," adds San Gil. "All validation parameters have to work."
All you have to do is log on to the SEC’s website (www.sec.gov.ph) and click on the "online transactions" button. Quick, step-by-step instructions will guide users into utilizing the service and before you know it, the transaction is done. Users can verify and reserve their proposed company name and file their application for registration. (Payment of fees will still be done at the SEC as the commission is still awaiting the Central Bank’s approval.) Eventually, people will be able to complete the process, including payment, in front of their computers.
The project was awarded to Sun Microsystems Phils. Inc (www.sun.com) and its program partner, 25by8 (www.25by8.com), a company that provides e-solutions to corporate clients. The groups’ partnership is made possible by Sun’s iForce program, wherein the technology giant teams up with promising local corporations in handling projects.
"The challenge that we’ve encountered was the tight schedule because the SEC wanted to do everything ahead of time," says Acmad Rizaldy Moti, vice president and chief operating officer of 25by8. "The project was awarded in February and a month after, we were able to test the whole site and do the soft launch."
It was definitely a process that was well-conceptualized and smoothly executed. San Gil says all the procedures were thought out and followed to the letter. "All interested parties were invited to do a systems investigation. After that, more or less we have assessed who among those who participated would do well. Pero wala kaming ginagawang announcement. We prepared the request for proposal (RFP) and sought the advice of the NCC (National Computer Center). We then advised the NCC that we would be issuing the RFP so we can hold the bidding. Sun Phils. got the highest score in the technical evaluation. And that was the basis for awarding the project."
Aside from the impressive program implementation, the SEC iRegister project is able to make the archipelago into one island and bridge the distance that has made it difficult for Filipinos in remote areas to avail themselves of certain services.
"Once the payment gateway is up and running, people from Mindanao, the Visayas and other places in Luzon can do everything online. They won’t have to go to Metro Manila just to register," Moti adds.
"We are looking forward to making available online the reports submitted to the SEC," reports San Gil. "Active corporations are submitting to the SEC their audited financial statements (AFS) and general information sheets (GIS). These documents are valuable to those who want to know the status of certain corporations."
According to San Gil, these documents are currently being scanned and are available only at the SEC’s Public Research Unit (PRU). Because of this, people won’t have to line up as early as 6 a.m. to get a number and get hold of these files. It used to be that only 400 people were served by the SEC daily.
"The PRU can now serve as many as 600 requests. So that’s a 50 percent increase. And no one has to come back the next day to get the document," he says.
In time, these files will be uploaded online and everyone will have access to them, he adds. There will come a day when people would not have to leave their homes just to get hold of these files.
Though there are several technological developments being introduced to the public, it cannot be denied that most people are still wary of using these solutions. Anything unfamiliar can be intimidating, at first. However, those who insist on going to the SEC to perform these tasks will be reduced and some might even be coaxed to try out the online services when computer terminals are put up at the SEC office. Yes, people who do not have Internet access can avail themselves of the online services right then and there. This project is expected to be operational by the third quarter of the year.
The improvements seem dizzying and some of you might find this all too good to be true. At what price do these developments come? Well, believe it or not, none extra. People will pay the same amount as they would if the transaction is done face-to-face. The public shall not be made to pay higher fees for better services. Who wouldn’t be excited?
"During the (soft) launch, there was someone who thought his transaction was official, that the service was already up and running," relates Moti. "And he went to the SEC wanting to pay."
He’s not the only one who can’t wait...