BUSINESS
SEC trusts hitting goal via DoF backing
As we push for the development of the capital market and the business sector, we will also work closely together with the BIR
The Securities and Exchange Commission, or SEC, is confident of hitting its target of promoting business and capital market reforms after Finance Secretary Ralph G. Recto pledges to extend support to the sector.
Chairperson Emilio Aquino announced during a briefing at The SEC Headquarters that Recto has assured the SEC of the Department of Finance’s support for initiatives aimed at digitalizing and adopting advanced technologies to make company registration and regulatory compliance more convenient and efficient.
Additionally, he said the DoF backs efforts to strengthen financial consumer protection through improved supervision and regulation of the financial system, promote financial literacy, and encourage sustainability practices.
Capital mart dev’t
To support collaboration, Aquino said the SEC will work with other government agencies to sustain economic growth, including improving tax administration.
“As we push for the development of the capital market and the business sector, we will also work closely together with the BIR and other government agencies in improving tax administration and implementing other reforms to ensure inclusive and sustainable economic growth,” Aquino said.
Presently, the SEC and BIR have established data-sharing agreements that encompass financial information, beneficial ownership details, and other relevant corporate data.
These collaborations are crucial in combating various illicit activities, such as tax evasion and money laundering.