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May 31, 2024

SEC told to expand capital market through digitalization

The Department of Finance (DOF) has urged the Securities and Exchange Commission (SEC) to continue expanding the country’s capital market through digitalization to support economic growth.

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

The DOF chief commended the SEC’s digital transformation initiatives, which the securities regulator accelerated at the height of the global health emergency.

This allowed the market to continue functioning normally amid the difficulties posed by the pandemic, the Secretary said.

The SEC, for instance, developed the Electronic Simplified Processing of Application for Registration of Companies (eSPARC), and the One Day Submission and Electronic Registration of Companies (OneSEC), which are systems for faster and easier registration of corporations.

From its launch in April 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.

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.

The eSPAYSEC catered to a total of 31,027 transactions since March last year.

Meanwhile, the SEC’s Electronic Filing and Submission Tool (eFAST) was built for the submission of Audited Financial Statement, General Information Sheet, and other reportorial requirements. From the start of its operation on March last year to June 17 this year, a total of 277,430 reports were accepted through the eFAST.

The said platforms are among a suite of online systems that make transaction with the SEC easier and faster.

Diokno likewise ordered the SEC to strengthen the newly established PhiliFintech Innovation Office (PhiliFINNO) to ensure that financial technology companies are properly regulated while encouraging their growth.

“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,” Diokno said.