SEC pushes cutting red tape cited
The Commission was among the government agencies recognized by ARTA during the recent 2023 Ease of Doing Business Convention
Daily TribuneThe Commission was among the government agencies recognized by ARTA during the recent 2023 Ease of Doing Business Convention
The Securities and Exchange Commission, or SEC, was cited by the Anti-Red Tape Authority, or ARTA, for its efforts in improving the ease of doing business.
The Commission was among the government agencies recognized by ARTA during the recent 2023 Ease of Doing Business Convention.
"We share in ARTA's mission of streamlining processes in the government to improve public service delivery and achieve bureaucratic efficiency, embodied in the push toward a zero-contact policy in accordance with Republic Act 11032, or the Ease of Doing Business Act," SEC chairperson Emilio Aquino said.
"The SEC has continuously worked to provide faster and more efficient transactions with the public through our digital transformation program, ensuring a smooth experience for our stakeholders," he added.
Since 2021, a total of nine digital services automating key processes of the Commission have been launched to the public. This includes the Electronic Simplified Processing of Application for Registration of Companies, and its subsystem, the One Day Submission and Electronic Registration of Companies, or OneSEC.
With eSPARC, the SEC was able to reduce the company registration process from 16 steps in 34 days to three days. The process is even faster with the use OneSEC, with a record processing time of 1 minute and 14 seconds from the start of application to the receipt of a digital Certificate of Incorporation.
The launch of eSPARC has allowed the Commission to hit a record high in the number of company registrations in 2022 at 42,926, 13 percent higher than the 38,052 posted in 2021.
The SEC is on track to surpass this record in 2023, with company registrations already breaching the 38,000 mark by end-October.
It has also launched the Electronic Filing and Submission Tool, or eFAST, which facilitates the online submission of digital copies of reportorial requirements such as Annual Financial Statements and General Information Sheets.
Two-year shift
With eFAST, the SEC has been able to shift the submission of AFS and GIS completely online in a span of two years. The number of AFS submitted via eFAST grew by 209 percent from 2021 to 2022, while GIS submissions through the platform jumped by 297 percent in the same period.
The SEC also made payments easier through the Electronic System for Payments to the SEC, or eSPAYSEC, where the transacting public can now choose from over 90,000 online and offline payment options nationwide.