SEC transfers ₱2 B to national treasury for COVID-19 fight

Published April 7, 2020, 12:00 AM

by manilabulletin_admin

By James A. Loyola

The Securities and Exchange Commission (SEC) has transferred a total of ₱2 billion from its accounts to the Bureau of the Treasury to augment the government’s war chest in tackling COVID-19.

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The SEC made the contribution in accordance with Section 4(v) of Republic Act No. 11469, otherwise known as the Bayanihan to Heal as One Act, and the directive of the Department of Finance.

The Commission has been proactively responding to the public health emergency that later escalated into a national emergency, in line with the President’s directives and the provisions of the Bayanihan to Heal as One Act.

Among others, the SEC has extended regulatory relief to corporations and other entities under its supervision by moving statutory deadlines and easing requirements and procedures.

The Commission has likewise sustained the delivery of services to its stakeholders, including en-forcement efforts against unscrupulous members of the corporate sector.

“A pandemic that has brought the world to a standstill, disrupted businesses and livelihoods, and caused the loss of lives calls for a collective response from all sectors,” SEC Chairperson Emilio B. Aquino said.

He added that, “The SEC has moved into position for the country’s fight against COVID-19. Aside from supporting other government agencies on the frontlines, we have worked on buttressing the corporate sector, capital market and investing public, which are crucial in the resilience of our economy and, more importantly, of the Filipino people.”

To minimize the disruption brought about by the COVID-19 pandemic in the corporate sec¬tor, the SEC immediately adopted alternative work arrangements in its offices across the country.

The SEC also activated a helpdesk manned by designated employees from every department or office and scaled up its information, education and communication program with the help of traditional and new media to attend to the concerns of its stakeholders.

Moreover, a dedicated webpage was created for announcements and issuances to help the transacting public navigate through changes prompted by the pandemic in the Commission’s operations.