Bilyonaryo - Business

Diokno to SEC: Leverage technology to improve financial inclusion

July 20, 2022

Bilyonaryo.com

Finance Secretary Benjamin Diokno has called on the Securities and Exchange Commission (SEC) to expand 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,” he said Monday in a recorded video message.

“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,” he added.

Diokno commended the SEC’s digital transformation initiatives, which the securities regulator accelerated at the height of the Covid-19 pandemic.

To ensure faster and easier registration of corporations, the SEC developed the Electronic Simplified Processing of Application for Registration of Companies (eSPARC), and the One Day Submission and Electronic Registration of Companies (OneSEC).

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) which enables online payments of registrations and other transaction fees. It handled a total of 31,027 transactions since its launch in March last year.

On the other hand, the SEC’s Electronic Filing and Submission Tool (eFAST) allows corporations to submit audited financial statement, general information sheet and other reportorial requirements. A total of 277,430 reports were accepted through the eFAST since March last year.

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

He likewise urged the SEC to be relentless in unmasking investment scams to protect investors and maintain trust in the country’s financial system.

Related News Tags: Benjamin Diokno, financial inclusion, Securities and Exchange Commission

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