PBBM aides extol SEC

The Securities and Exchange Commission (SEC) has received a commendation from no less than Special Assistant to the President (SAP) for Investment and Economic Affairs Frederick Go for crafting policies that aim to improve and expand the stock market.

Go had earlier challenged the SEC to support the stock market’s recovery and make it more competitive.

“I'm very happy to say that less than a year after, we have actually done everything that we said we should do, and we were able to actually come out with all the rules and regulations that will make the process of applications, whether an IPO (initial public offering) or otherwise, simpler, faster, and better,” Go said during the 88th SEC anniversary and appreciation night at The SEC Headquarters in Makati City.

Early this year, the SEC issued Memorandum Circular 8, Series of 2024, which provided guidelines for cornerstone investors in IPOs to stimulate investor demand, among other policies.

It also issued rules removing the minimum commission charged by stockbrokers to enhance market flexibility.

Go cited the commission’s digital initiatives that accelerated the process of incorporation for both local and international businesses, in line with his request to bring it up to par with the best processes in neighboring countries.

In July, the commission launched five new digital tools, which included the SEC Zuper Easy Registration Online and the Electronic Submission Authentication Portal, which removed the requirement for wet signatures and notarization, allowing Filipinos to incorporate their businesses anytime from anywhere in the world.

The SEC also launched this year the SEC Foreign Investment Registration Station, a system dedicated to processing the registration of foreign-owned corporations in a bid to attract foreign investments to the country.

With these initiatives, the SEC saw nearly 50,000 new company registrations, proof that corporate registration had become more efficient.

“It is my hope that the SEC will remain a strong partner of progress for the Philippine economy. Your presence will, of course, prove crucial in protecting investors, building trust in our financial systems, and making the Philippines a better place for investments,” Go said.

For his part, Executive Secretary Lucas P. Bersamin said the Philippines is being viewed positively by foreign officials and business groups, noting that the country is “on the right track” with the stock market’s continuous expansion.

“This is partly due to your contributions to this effort to attract investments and manage the business side of life in the Philippines,” Bersamin said in his keynote address at the SEC event.

“The administration is keen on encouraging market improvements,” he added.