Philippines Securities and Exchange Commission Deploys eSPAYSEC – OpenGov Asia

The Securities and Exchange Commission (SEC) has rolled out a whole host of digital solutions, tools and platforms to bring the Philippines into the digital age. The SEC, an agency under the Ministry of Finance, is responsible for regulating the securities industry in the Philippines. In addition to its regulatory functions, the SEC also maintains the country’s corporate registry.

Detailing these online tools, SEC Chairman Emilio Aquino showed how digital adoption has helped his agency perform better. Essentially, these tools have helped the organization better serve the Filipino people.

The head of the commission mentioned all this in his presentation to Carlos Dominguez III, the Secretary of the Department of Finance, of the SEC’s achievements for the past year. The Secretary, for his part, welcomes these digital initiatives.

I don’t know in the past, but I don’t think it’s ever happened in the history of SEC that you’ve accomplished so much in making it easy to do business, so congratulations. SEC has also contributed significantly to improving the capital markets and, of course, to detecting fraudulent transactions.

Carlos Dominguez III, Secretary, Ministry of Finance

The Securities and Exchange Commission said it collected PHP119.07 million ($2.26 million) in fees and penalties, an average of PHP11.9 million ($226,000) in March 2021 to January of this year. Specifically, all of these transactions were made using eSPAYSEC, its online system that enables cashless payment of business registrations, fees and other charges.

Aquino clarified that fees and other charges collected through its eSPAYSEC involved 16,898 transactions from the project’s implementation on March 1, 2021 through January 26, 2022.

What makes eSPAYSEC special is that people won’t have to pay a commission in person to process payments. They can use the online platform to pay fees, penalties and other charges using cashless payment methods (eg debit and credit cards, digital wallets).

However, there is more to SEC’s digital transformation journey. Aquino also introduced the Electronic Filing and Submission Tool (eFAST), an online tool covering the online submission of corporate documents:

  • Audited Financial Statements (AFS)
  • General Information Sheet (GIS)
  • Other corporate reporting requirements

According to its report, eFAST processed 169,323 registrations from its launch on March 15, 2021 through January 26, 2022. This represents a total of 185,127 reports submitted electronically.

In addition, the SEC has rolled out another online tool to further facilitate doing business in the country: the Electronic System for Processing and Registration of Companies (eSPARC). This makes company registration faster and much more convenient. To date, it has processed 48,266 applications from April 11 last year to January 26, 2022.

To complement this registration portal, the SEC has created a solution that facilitates faster transactions. The OneSEC is another digitization initiative that guarantees one-day submission and electronic business registration. OneSEC is a subsystem of eSPARC. To date, the digital tool has been able to register 3,288 new companies from September 15, 2021 to January 26 this year.

All these tools are timely because the nation has the ambition to be a regional digital power. SEC’s online tools reveal how much better service can be provided when digitizing. The Philippines is truly making the most of new information and communications technologies.

Its recent Innovative Cities initiative to bring technology to major cities across the country, one city at a time, is proof of that. As reported on OpenGov Asia, Makati City is set to transform into the country’s Silicon Valley thanks to the program.

Even the success of the next election depends on technology. Not only have the country’s fintech leaders instructed the country’s next leaders to prioritize technology, but the government itself is working with big tech to collaborate to ensure that national elections are conducted in the most transparent manner. and the brightest.

Aurora J. William