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By February 1, 2023, the Securities and Exchange Commission (SEC), which is still adhering to its objective of having no face-to-face transactions, will have moved its payment channels online and off-site.

The commission stated in a notification that only payments made through the Electronic System for Payments to the SEC (eSPAYSEC) at www.espaysec@sec.gov.ph or at any Land Bank of the Philippines (Landbank) branch located anywhere in the country would be accepted.

As a result, all SEC extension offices as well as the cashier’s office at the SEC’s Makati City headquarters will be shuttered by then. Up until January 31 of the following year, the commission will only accept over-the-counter transactions.

Online payments are becoming more prevalent in accordance with Republic Act 11032, also known as the Ease of Doing Business and Efficient Government Service Delivery Act of 2018, which calls for a zero-contact policy and the automation of business-related activities.

The move to online and offsite payments “furthers our unwavering commitment to ensuring the transparent and efficient management of our funds,” said SEC Chairperson Emilio Aquino in a statement on Wednesday. “Transaction fees and any other amounts that we collect will directly be deposited to and immediately be reflected on the Commission’s accounts.”

The national government’s effort for the digital transformation of public services to increase the ease of doing business in the Philippines, as in the case of the SEC, and the shifting of the general public toward cashless transactions are both complemented by this, the official added.

The eSPAYSEC, a web-based system that went live on March 1, 2021, enables online payment of fees and penalties to the commission using debit and credit cards, electronic wallets, and other cashless payment mechanisms.

Clients only need to choose a payment method, input the reference number found on the SEC’s payment assessment form, and then enter the necessary data to proceed.

Following successful payment, the system will produce an electronic official receipt, which customers will also get through email.

For a small convenience fee, the general public can make payments through the eSPAYSEC using digital wallets GCash and Maya as well as debit and credit cards enabled by Visa, Mastercard, and JCB.

A recent agreement between the SEC and Landbank will enable payments for SEC-related activities to be done through that bank’s online payment system at any of its 609 branches countrywide.

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