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News DOF tells SEC to hasten digital shift

DOF tells SEC to hasten digital shift



Finance Secretary Benjamin E. Diokno has ordered the Securities and Exchange Commission (SEC) to further expand the country’s capital market by ramping up its digitalization efforts.

Speaking during the SEC’s flag raising ceremony on Monday through a recorded video message, Diokno expressed confidence in SEC’s capability to take on the challenge given that it has embarked on an “impressive digital transformation” in the past years.

“My marching order to you now is to make the Philippine capital market more broad-based and inclusive through digitalization and strengthened corporate governance,” Diokno said.

The finance chief said the SEC’s digitalization transformation initiatives allowed the market to continue functioning amid the difficulties posed by the Covid-19 pandemic.

“I expect the SEC to fully harness the powers of new digital technologies to further improve monitoring; build trust and confidence of investors; protect the investing public; and better serve the nation,” he added.

Likewise, Diokno also urged the SEC to strengthen the newly-established PhiliFintech Innovation Office (PhiliFINNO) to ensure that financial technology (fintech) companies are properly regulated while encouraging their growth.

Launched on July 30 last year, the PhiliFINNO was established to foster innovation and customize the fintech landscape in the country.

Diokno said he expects the SEC to remain persistent in unmasking investment scams to protect the public and maintain their trust in the country’s financial system.

“We have to do our utmost to provide our people with the safest and most secure financial and investment instruments,” he said.

“In the coming period, we expect an even more dynamic and feverish market activity. I trust that the Commission will be relentless in its efforts to ensure that capital markets drive our strong economic recovery and build a truly inclusive financial system for the Filipino people.”

To make the transactions with SEC easier and faster, the regulator launched several online systems, including the Electronic Simplified Processing of Application for Registration of Companies (eSPARC), and the One Day Submission and Electronic Registration of Companies (OneSEC) for the registration of corporations.

From its launch on April 11 last year to June 19 this year, the eSPARC processed a total of 77,476 applications for company registration, 7,095 of which were processed in OneSEC.

Also linked to the eSPARC and OneSEC is the Electronic System for Payments to the SEC (eSPAYSEC) that enables online payments of registrations and other transaction fees. Since its launch on March 1 last year to June 19 this year, the eSPAYSEC catered to a total of 31,027 transactions.

The SEC’s Electronic Filing and Submission Tool (eFAST), which was built for the submission of Audited Financial Statement, General Information Sheet, and other reportorial requirements, accepted a total of 277,430 reports from March 15 last year to June 17 this year.

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