Cebu SEC sees 114% rise in incorporations

The Securities and Exchange Commission in Cebu disclosed yesterday that it has recorded a 114-percent increase in incorporations from January to June 2023 compared to the same period in 2022.

Atty. Sheara Lupangco-Tamayo, SEC-Cebu Extension Office Director, said 1,871 entities were recorded for the first half of 2023, compared to only 920 entities in 2022.

"It is for the comfort of such clients from farther areas that the SEC strives for accessibility in their services. The Commission's dedication to overseeing the corporate sector remains steadfast," Lupangco-Tamayo said.

Of the 1,871, there are 277 one-person corporations, 715 stock corporations with less than five incorporators, 422 regular stock corporations, 41 corporations sole, 63 non-stock corporations with less than five incorporators, 277 regular non-stock corporations, two foreign corporations, and 74 partnerships.

The SEC's digital transformation, particularly the launch of the Electronic Simplified Processing of Application for Registration of Company, has contributed to this year's highest growth in company registrations for the CEBEO since the pandemic.

The eSPARC platform allows the public to register stock and non-stock corporations, as well as partnerships, online from the convenience of their homes.