By Francis Allan L. Angelo
Finance Secretary Ralph G. Recto has endorsed the implementation of the new interagency data-sharing system, expected to enhance the efficiency and modernization of tax administration, thereby boosting government revenues to support the nation’s growth.
The Securities and Exchange Commission (SEC) established the Swift Corporate and Other Records Exchange (SCORE) Protocol, a web portal enabling the SEC to share its electronic database of corporate records with regulatory and enforcement agencies.
A Memorandum of Agreement (MOA) signed on July 17, 2024, by SEC Chairperson Emilio B. Aquino and Bureau of Internal Revenue (BIR) Commissioner Romeo D. Lumagui, marks the BIR as the first agency to access the portal.
The collaboration aims to synchronize the records of registered corporations, enhancing tax collection efficiency.
“This event is a very clear demonstration of what Bagong Pilipinas’ brand of governance looks like—modern, responsive, and agile,” said Department of Finance (DOF) Undersecretary for Tax Research and Expenditure Monitoring (TREM) Renato E. Reside, Jr., on behalf of Secretary Recto.
Key corporate documents accessible to the BIR through the SCORE portal include the Articles of Incorporation, General Information Sheet (GIS), and Annual Financial Statements (AFS). The SEC plans to expand the SCORE portal’s access to more financial regulators and government agencies.
“This will be of great help for us in our verification of corporations’ information. A real-time online verification will be in place,” BIR Commissioner Lumagui stated. “We’d like to assure the SEC of our full support to this endeavor, which is much aligned to BIR digitalization projects.”
Apart from the SCORE Protocol, the SEC has launched its third wave of digital initiatives under the Digital-All program.
The program aims to enhance business efficiency through services available to anyone, anytime, and anywhere, eliminating paper, wet signatures, and notarization.
Initiatives include the Electronic Application for Modification of Entity Names and Data (eAMEND), SEC Foreign Investment Registration Station (SEC FIRST), Electronic Submission Authentication Portal (eSAP), and SEC Zuper Easy Registration Online (SEC ZERO).
“The greater efficiency brought about by these programs will further deepen our capital markets, attract more investments, and broaden the country’s tax base,” Undersecretary Reside noted. “This will help us achieve inclusive and investment-led growth for our people.”
Since launching its first wave of digital systems in 2021, the SEC has made significant strides in digital transformation. President Ferdinand R. Marcos, Jr. inaugurated the second wave of SEC digital initiatives in 2022, which included advanced systems for corporate information access and sustainability efforts.
“Rest assured, the Department of Finance stands ready to support the SEC and all other agencies in this endeavor of digitalization every step of the way in building an efficient and modern government that is pro-people and pro-business,” Undersecretary Reside concluded.