President Ferdinand R. Marcos Jr. led the launch of the new digital services that will make the registration and monitoring of corporations even easier across the country, along with a capital market initiative that will allow for more investments in the agriculture sector.
Officially launched were the Electronic SEC Universal Registration Environment (eSECURE), Electronic SEC Education, Analysis, and Research Computing Hub (eSEARCH), SEC API Marketplace, Electronic Registry Application for Market Participants (eRAMP), and SEC Check App 2.0.
The event was part of the 85th anniversary celebration of the Securities and Exchange Commission (SEC) as the country’s corporate registrar on June 22.
The anniversary celebration, held in the new SEC headquarters in Makati City, was further marked by the presentation of the Commission’s initiative called Securing and Expanding Capital for Farms and Agri-business Related Modernization Schemes (SEC FARMS) to President Marcos.
The SEC acts as the country’s corporate registrar by virtue of Commonwealth Act No. 287. Enacted on June 3, 1938, the law authorized the Commission to perform all functions related to the registration of corporations and associations.
“We are happy to report that in consonance with [the President’s] envisioned digital economy and e-governance program, we will launch a wave of digital initiatives during this momentous occasion,” SEC Chairperson Emilio B. Aquino said in his opening remarks.
“With its efforts in leveraging digital technology, SEC has now been acknowledged as a digital leader and an ease of doing business champion. It has been hailed as a Sustainability, ESG and Green Finance Advocate, a Quality and Integrity Model plus so many other recognitions and titles.”
The SEC developed eSECURE, eSEARCH, SEC API Marketplace, eRAMP, and SEC CheckApp 2.0 in line with the President’s push for e-governance and thrust to attract investments and business in the Philippines.
eSECURE serves as a company’s gateway to SEC online services, including the newly launched applications. Users can log in to eSECURE and access their accounts without the need to individually log in to each service.
Through risk-based credentialing, eSECURE electronically authenticates the identity of SEC clients, thereby preventing unauthorized access to confidential company information. It works against the perpetration of investment scams and money laundering activities, as well as improves financial integrity and readily exacts accountability.
eSEARCH and SEC API Marketplace will allow the public to obtain data from corporate reports submitted to the SEC.
Serving mainly as a tool for research and discovery, eSEARCH is an avenue for the public to purchase and download authenticated SEC documents online. Electronic copies of documents will be in PDF with text layer format, allowing for easier collection and analysis of data.
With eSEARCH, investment evaluation and vetting of contracting parties can be commenced in just a couple of minutes.
Meanwhile, SEC API Marketplace allows the direct sending and ingestion of data from one application to another, without the need for a user or encoding on the receiving end, and for minimal data transfer in between. It expedites the availment of financial services, promotes financial inclusion, helps ensure financial stability, and addresses consumer protection concerns.
Another new service is eRAMP, a dedicated system for capital market professionals and institutions such as broker dealers and fund managers to manage their licensure with the SEC.
Capital market participants and institutions will be able to process their applications for registration, payment of annual fees, and other notification requirements through eRAMP. The platform also acts as an online registry of all capital market participants and institutions that are registered with the SEC.
eRAMP widens the breadth of the capital markets while ensuring investor protection.
The Commission has also introduced upgrades to its official mobile application. SEC CheckApp 2.0 lets users check whether an investment opportunity is legitimate or not through the CheckwithSEC feature, where the names of all corporations registered with the SEC may be accessed in real time.
Users can also check whether a proposed company name is available through the app. CAROL, the SEC’s Customer Care Online Assistant, will likewise provide SEC stakeholders with real-time answers to their queries and concerns. The app is a convenient 24/7 personal guide to the SEC’s services on the go.
More than improving the ease of doing business through easier company registration, the new digital services seek to achieve a secure business environment through strict compliance with laws and regulations and a more informed investor base equipped with tools to make smart financial decisions.
SEC FARMS
In line with the President’s priority programs on food security and agriculture, the SEC has launched SEC FARMS, aimed at Securing and Expanding Capital for Farms and Agri-business Related Modernization Schemes.
SEC FARMS will streamline the requirements and procedures for agri-based companies registering securities for the purpose of raising capital for agriculture projects. Applications can be approved within 28 days from filing with the SEC, subject to the guidelines set by the Commission.
Agri-based companies can raise up to P500 million per project under the program.
SEC FARMS is in line with “Masaganang Agrikultura, Maunlad na Ekonomiya,” the President’s strategic program focused on farm consolidation, modernization, industrialization, and professionalization in order to attract private sector investment in the agricultural sector.
The initiative expands available investment opportunities for Filipinos working both locally and abroad. It is envisioned to help overseas Filipino workers (OFWs), who are notoriously targeted by scammers into investing their hard- earned money into fraudulent investment schemes, to avail of sound and legitimate investments available in the market.
NEW SEC HEADQUARTERS
President Marcos led the official inauguration of The SEC Headquarters with the unveiling of a marker highlighting the Commission’s role in supervising the corporate sector, advancing capital market development, and protecting the investing public.
The SEC Headquarters was acquired by the Commission in 2022 to permanently house its main offices and departments. In response to the President’s call for digitalization and sustainability, the SEC is continuously transforming the SEC Headquarters into an e-building with technologically advanced and sustainable features.
Following the inauguration, the SEC also showcased its accomplishments for the pandemic years 2020 to 2022, as well as the first quarter of 2023, to the President, through the presentation of The SEC Reports.
The SEC Reports is a report showing the Commission’s initiatives to align its programs and projects with the President’s eight-point socioeconomic agenda, as well as efforts to mitigate the impacts of the COVID-19 pandemic through digital transformation.
