NextGen Day

To boost economic growth, Benjamin Diokno, the secretary of finance, has asked the Securities and Exchange Commission (SEC) to keep growing the nation’s capital market through digitalization.

In a recorded video message on Monday, he added, “My marching order to you today is to make the Philippine capital market more broad-based and inclusive through digitalization and enhanced corporate governance.”

Diokno praised the SEC’s measures for digital transformation, which the securities regulator advanced through the worst of the world’s health crisis.

According to him, this made it possible for the market to continue operating normally in spite of the pandemic’s challenges.

For example, the SEC created the One Day Submission and Electronic Registration of Companies (OneSEC) and the Electronic Simplified Processing of Application enabling Registration of Companies (eSPARC), which are tools for quicker and simpler registration of businesses.

The eSPARC processed a total of 77,476 applications for company registration between its inception on April 11, 2021 and June 19, 2022, 7,095 of which were processed in OneSEC.

The Electronic System for Payments to the SEC (eSPAYSEC), which facilitates online payment of registration and other transaction fees, is connected to the eSPARC and OneSEC.

The eSPAYSEC served a total of 31,027 transactions from its introduction on March 1, 2021 to June 19, 2022.

For the production of audited financial statements, general information sheets, and other reportorial obligations, the SEC’s Electronic Filing and Submission Tool (eFAST) was developed.

A total of 277,430 reports were accepted through the eFAST from March 15, 2021, when it first began operating, and June 17, 2022.

The aforementioned platforms are part of a collection of online tools that streamline and simplify interactions with the SEC.

In order to ensure that financial technology (fintech) companies are appropriately regulated while fostering their growth, Diokno also directed the SEC to strengthen the recently established PhiliFintech Innovation Office (PhiliFINNO).

On July 30, 2021, the PhiliFINNO was introduced in an effort to promote creativity and alter the nation’s financial environment.

He continued, “I anticipate the SEC will fully leverage the benefits of modern digital technologies to further strengthen monitoring, foster investor confidence and trust, safeguard the investing public, and serve the interests of the country.

Diokno encouraged the organization to make sure that Filipinos had access to safe and secure financial and investment tools.

In order to safeguard investors and preserve faith in the nation’s financial system, Obama commanded the SEC to be relentless in exposing investment scams.

“We anticipate even more ferocious and active market action in the near future. I have faith that the panel will work tirelessly to create a truly equitable financial system for the Filipino people while ensuring that capital markets support our robust economic recovery.

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