SEC extension offices: Catalysts for growth

SEC extension offices: Catalysts for growth | Daily Tribune

The inauguration of the Securities and Exchange Commission’s (SEC) Ilagan Extension Office in Isabela province on 24 February marks another significant step in expanding the SEC’s reach across the country.

Since the appointment of a new commissioner, the SEC has opened four extension offices in different regions. The SEC now operates a total of 15 extension offices in all regions of the country except for the Bangsamoro Autonomous Region in Muslim Mindanao and Region IV-B.

The expansion is part of the SEC’s effort to enhance the accessibility and efficiency of its services outside the National Capital Region (NCR), where the SEC headquarters is located.

The SEC extension offices are crucial to delivering key services such as company registrations and enforcement and investor protection, while offering guidance on financial literacy.

Their role is particularly important to the growth of micro, small, and medium-sized enterprises which make up 99.5 percent of businesses in the Philippines. Notably, 82 percent of these MSMEs are located outside the NCR, highlighting the need for greater accessibility to SEC services outside the capital region.

The rise in the number of SEC extension offices aligns with the goals outlined in the Micro, Small, and Medium Enterprise Development Plan 2023-2028 issued under Memorandum Circular 73 by President Ferdinand R. Marcos Jr.

This plan aims to promote and enhance MSMEs across the country. By offering services in provincial areas, the SEC is not only simplifying the process of business registration but also fostering regional economic development, stimulating local economies, and encouraging the growth of businesses.

Additionally, these extension offices allow the SEC to monitor and respond to fraudulent activities more effectively.

In many provinces, illegal investment schemes and lending practices are prevalent, and by being closer to the community, the SEC can take swift action against the violators, helping protect investors and maintaining market integrity.

The SEC also utilizes these regional offices to promote financial literacy by conducting educational campaigns, distributing information, and engaging with local communities.

These efforts are designed to safeguard the public from fraudulent investment schemes and to educate individuals on making informed financial decisions.

In summary, the SEC’s expansion through these regional extension offices tremendously strengthens its ability to oversee the corporate sector and the securities and capital markets, while ensuring the protection of the investing public.

The expansion of SEC extension offices across the country provides even greater support to MSMEs, which are the backbone of the Philippine economy. As more MSMEs are empowered to grow, the positive ripple effect on the economy is immense.

By encouraging local business development and ensuring that these enterprises thrive, the SEC’s expansion will stimulate jobs creation, enhance local economic activity, and drive a more inclusive and dynamic national economy.

In turn, this will contribute to the betterment of the nation, creating a more resilient economy that will benefit all Filipinos.