THE Securities and Exchange Commission (SEC) said its efforts to open satellite offices in the shopping malls in key cities of Metro Manila and Cebu has helped it retain its top “sincerity” ranking among 35 government agencies.
SEC Chairman Teresita J. Herbosa said the automation of some of its processes has prevented bribery and made government transactions convenient to the public.
“Automation simply means reinventing the [agency] so that the SEC may not only deliver faster services to the public through the use of technology, but also limit face-to-face interactions between its officers and the public to prevent opportunities for graft,” she said.
The SEC said it is also serious in its fight against investment scams through its Enforcement and Investor Protection Department.
“In Congress, the SEC also supports legislative initiatives to lift the secrecy of bank deposits, especially for securities fraud,” the agency said.
In recent years, the SEC has opened satellite offices in Ali Mall in Cubao, Quezon City; Robinsons Galleria; SM Manila; SM City North Edsa; and Robinsons Galleria Cebu. It said major cities nationwide will follow.
The SEC has been on top of the net sincerity ratings of 35 institutions in fighting corruption during the latest 2016 Survey of Enterprises, conducted by the Social Weather Stations during February 2 to May 6, 2016.
From a range of +69 to -69 points, the SEC got 55 points, earning a “very good” rating from the survey.
The Department of Trade and Industry came in at 43 points, the Office of the President at 37 points and the Social Security System at 30 points, with all three agencies earning only a “good” rating, with a range of +30 to +49 points.
Random sampling for the survey was drawn from one-third large enterprises (317 companies) and two-thirds small and medium enterprises (633 companies), or a total of 950 companies.
The enterprises were drawn from Metro Manila (350), Metro Angeles (100), Cavite-Laguna-Batangas (100), Iloilo City (100), Metro Cebu (100), Metro Davao (100) and Cagayan de Oro-Iligan City (100).
In addition to the SEC’s Integrated Business Registration System, which allows for the seamless and simultaneous registration of corporations with the Bureau of Internal Revenue, SSS, PhilHealth and Pag-ibig Fund, the agency said it is launching the Company Registration System by the end of this year.
This will allow the online registration of corporations and better monitoring of companies through a red-flag system.
The SEC processed about 25,500 new corporations last year and regulates about 930,000 corporations, among others.
The SEC earned collections averaging almost P3 billion annually for the past three years. It has an average budget of P600 million per year with about 400 employees.