SEC lauded for championing business sector

MANILA, Philippines — The Securities and Exchange Commission (SEC) has received commendation from the Office of the President for its efforts in boosting the capital market and the business sector.

“This year has been a testament to excellence. We are honored to have received various recognitions that highlight the quality of work that the SEC puts in to champion the corporate sector, the capital market and the protection of the investing public,” SEC chairperson Emilio Aquino said.

Special Assistant to the President for Investment and Economic Affairs of the Philippines Frederick Go lauded the SEC for crafting policies that aim to improve and expand the Philippine stock market.

Go earlier challenged the commission to support the market’s recovery and make it more competitive.

“I’m very happy to say that less than a year after, we have actually done everything that we said we should do and we were able to actually come out with all those rules and regulations that will make the process of applications, whether an IPO (initial public offering), otherwise simpler, faster and better,” Go said.

The SEC early this year issued a circular which provided guidelines for cornerstone investors in IPOs to stimulate investor demand, among other policies.

Rules removing the minimum commission charged by stockbrokers to enhance market flexibility have likewise been issued by the commission.

Go also cited the SEC’s digital initiatives that accelerated the process of incorporation for both local and international businesses.

In July, the commission launched five new digital tools which include the SEC Zuper Easy Registration Online and the Electronic Submission Authentication Portal, which removed the requirement for wet signatures and notarization, allowing Filipinos to incorporate their businesses anytime from anywhere in the world.

SEC also introduced this year the SEC Foreign Investment Registration Station, a system dedicated to process the registration of foreign owned corporations in a bid to attract foreign investments in the country.

According to the commission, the initiatives resulted in nearly 50,000 new company registrations.

The SEC said the high number of new registrations serves as proof that corporate registration has now become more efficient.

“It is my hope that the SEC will remain a strong partner of progress for the Philippine economy. Your presence will, of course, prove crucial in protecting investors, building trust in our financial systems and making the Philippines a better place for investments,” Go said.