THE Securities and Exchange Commission (SEC) announced it has collected P119.07 million in fees and penalties through a web-based system that allows cashless payment of business registrations, fees and other charges.
SEC Chairman Emilio B. Aquino said they were able to rake in an average of P11.9 million per month via the agency’s “electronic system for payments to SEC,” or eSpaySec, which recorded 16,898 transactions since the project was first implemented on March 1, 2021 up to January 26, 2022.
The system allows online payment of fees, penalties and other charges using debit and credit cards, digital wallets and other cashless payment options, Aquino said in a report, copies of which the Department of Finance provided to the media.
The SEC chief said they are also coordinating with the state-owned Development Bank of the Philippines (DBP) for the inclusion of the SEC in the shared cyber defense strategy of the financial sector. Aquino said the DBP and the SEC will hold knowledge-sharing exercises on cybersecurity.
Apart from its eSpaySec, the SEC also said an “electronic filing and submission tool,” or “eFast,” processed 169,323 enrollments from the time of its launching on March 15, 2021 up to January 26, 2022, with a total of 185,127 reports submitted electronically. The eFast covers the online submission of the audited financial statement, general information sheet and other reportorial requirements for businesses.
Meanwhile, 48,266 applications from April 11 last year to January 26, 2022, were also processed by the agency’s “electronic system for processing and registration of companies,” or “eSparc,” which makes it faster and convenient for corporations to register.
Another digitalization initiative of the SEC is the “OneSEC” tool, which was able to register 3,288 new corporations from September 15, 2021 to January 26 this year. The tool ensures 1-day submission and electronic registration of companies and requires minimal encoding of data on the part of the registrants, as most of the company information is already pre-filled.
The OneSEC processing “is completely seamless and fully automated in the absence of human intervention on the part of the Commission starting from the name verification on the proposed corporate name, until the issuance of the digital copy of the Certificate of Incorporation,” Aquino said.
Moreover, the Commission’s mobile app called the “Check App,” reported 2,705 installations on smartphones and other mobile devices. “Check App” provides the public with on-the-go and latest SEC investor alerts, rules and regulations and other updates.
Moving forward, Aquino said the SEC will aim to achieve its goal of zero face-to-face transactions by fully shifting to online services as outlined in its “Digital Transformation and Technology Modernization Roadmap.”
He added the SEC will ensure the proper regulation of financial technology companies through the PhiliFintech Innovation Office and will, likewise, put in place measures to expand the access of small and medium enterprises to the capital markets.
Likewise, Aquino said they will also continue to push for the congressional passage of the Capital Market Development Act to help increase the level of funded pensions and encourage the participation of institutional investors in the capital market and the Financial Consumer Protection Act to strengthen the SEC as a protector of consumers against investment scams.