Recto supports market 

reforms pushed by SEC

By James A. Loyola

Finance Secretary Ralph G. Recto has assured the Securities and Exchange Commission (SEC) of his support in pushing for business and capital market reforms with the aim of bolstering national efforts to promote inclusive and sustainable economic growth.

In a briefing at the SEC Headquarters in Makati City on Jan. 30, SEC Chairperson Emilio B. Aquino and other commission officials presented the SEC’s priority plans, activities and programs to the new finance secretary.

Recto commended the digitalization initiatives of the SEC, recognizing their contribution to improving ease of doing business and fostering capital market development in the country.

He then assured the SEC of the Department of Finance’s staunch support for its ongoing and future initiatives to further digitalize and adopt advanced technologies to make company registration and regulatory compliance more convenient and efficient.

Recto also backed the SEC in implementing reforms to make the Philippine capital market more accessible to both issuers and investors, intensify financial consumer protection through enhanced supervision and regulation of the financial system, advance financial literacy, and promote sustainability practices.

Meanwhile, the SEC committed to working more closely with other government agencies in advancing other programs and initiatives aimed at sustaining the Philippine economy’s growth, including the improvement of tax administration.

Recto specifically urged the SEC to work with the Bureau of Internal Revenue (BIR) to streamline and improve the efficiency of data sharing between the two agencies, as part of efforts to enhance tax collection efficiency.

At present, the SEC and BIR have data sharing agreements covering financial, beneficial ownership and other information concerning corporations, as part of efforts to tackle tax evasion and money laundering, among others.

“As we push for the development of the capital market and the business sector, we will also closely work together with the BIR and other government agencies in improving tax administration and implementing other reforms to ensure inclusive and sustainable economic growth,” Aquino said.