The Securities and Exchange Commission (SEC) announced that it is opening more payment channels through a partnership with online payment platform Payment Innovation, Inc., (PayCools PH).
In a statement, the Commission said it has signed a memorandum of agreement last April 24 with PayCools PH which will allow the public to pay for SEC-related transactions through its payment platform.
PayCools PH offers several modes of payment to the public, including over-the-counter transactions, online banking, mobile payment, credit cards, and QR code scanning, among others. It currently has more than 500 merchant partners and over one million users in the country.
“The SEC’s integration of PayCools PH’s system introduces a new payment option, enhancing the accessibility and convenience for the transacting public,” SEC Chairperson Emilio B. Aquino said.
He added that, “This step not only adheres to the Ease of Doing Business Law and Executive Order No. 150, Series of 2022, but also supports our transition from traditional over-the-counter transactions to online payments, a move initiated on February 1, 2023.”
All payments to the SEC are currently accepted only through the Electronic System for Payments to the SEC (eSPAYSEC), or at any branch nationwide of the Land Bank of the Philippines through its OnColl facility.
The Commission has closed its cashier offices and stopped accepting payments at its offices in 2023 pursuant to its zero face-to-face transaction policy.
Launched in March 1, 2021, the eSPAYSEC is a web-based system that allows for the payment of fees and penalties to the Commission online using debit and credit cards, digital wallets, and other cashless payment options.
The transacting public may access eSPAYSEC at https://espaysec.sec.gov.ph/. To proceed, clients only need to enter the reference number provided in the Payment Assessment Form issued by the SEC, select their preferred payment option, and pay.
At present, there are more than 90,000 online payment channels integrated with eSPAYSEC, through the Commission’s partnerships with various online payment providers, making the payment process easier and more convenient.