The Securities and Exchange Commission has been commended by the Office of the President for championing the business sector and the investing public.
In a statement, the SEC said Special Assistant to the President (SAP) for Investment and Economic Affairs of the Philippines Frederick D. Go lauded the SEC for crafting policies that aim to improve and expand the Philippine stock market, following his earlier challenge to 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.
Early this year, the SEC issued Memorandum Circular (MC) No. 8, Series of 2024 which provided guidelines for cornerstone investors in IPOs to stimulate investor demand, among other policies. It also issued rules removing the minimum commission charged by stockbrokers to enhance market flexibility.
Go further cited the Commission’s digital initiatives that accelerated the process of incorporation for both local and international businesses, in line with his request to make it at par with the best processes in the neighboring countries.
In July, the Commission launched five new digital tools which include the SEC Zuper Easy Registration Online (ZERO) and the Electronic Submission Authentication Portal (eSAP), which removed the requirement for wet signatures and notarization, allowing Filipinos to incorporate their businesses anytime from anywhere in the world.
The SEC also launched 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.
Due to these initiatives, the SEC saw nearly 50,000 new company registrations, 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. [Y]our 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.
Meanwhile, Executive Secretary Lucas P. Bersamin emphasized that the Philippines has been viewed positively by other foreign officials and business groups, noting that the country was “on the right track” due to the market’s continuous expansion.
He noted that, “That is partly due to your contributions to this effort of attracting investments and managing the business side of life in the Philippines. The administration is keen on encouraging market improvement.”
During its 88th anniversary celebration, the SEC recognized a total of 75 partner individuals and institutions from both the public and private sector for their significant contributions in implementing the Commission’s key programs that aim to drive the growth of the business sector and the overall capital market.
Recognitions were given in five categories representing the Commission’s key mandates, namely ease of doing business, capital market development, investor education and protection, sustainability and good corporate governance, and organizational development.
“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 B. Aquino said.
He added that, “But we know that the SEC could not have achieved these things without the support of our dear partners under the SEC CAMPAIGN Network. Our relentless cooperation in fulfilling our shared advocacies helped us reach greater heights for SEC.”