Philippines’ Securities and Exchange Commission Introduces New Digital Platforms
The Securities and Exchange Commission (SEC) in the Philippines is revolutionizing the way companies are registered with the unveiling of five new digital services designed to streamline the process and enhance tax administration through improved data sharing.
Announced on July 17, these digital initiatives mark the third wave in the SEC’s effort to integrate sustainability into their operations by leveraging digital technology. The rollout coincides with the commission’s celebration of SEC Sustainability Week 2024, emphasizing their commitment to sustainability and the accelerated achievement of the Sustainable Development Goals (SDGs).
New Digital Initiatives to Ease Business Processes
The SEC’s latest digital services include:
- SEC Zuper Easy Registration Online (ZERO): A component of the Electronic Simplified Processing of Application for Registration of Company (eSPARC), allowing digital authentication of system-generated forms.
- Electronic Submission Authentication Portal (eSAP): Facilitates the digital authentication of documents, eliminating the need for wet signatures and submission of hard copies.
- SEC Foreign Investments Registration Station (FIRST) Green Lane Unit: Specifically caters to entities under the Foreign Investment Act, streamlining registration and licensing for foreign investments.
- Electronic Application For Modification Of Entity Name And Data (eAMEND): An online portal for the amendment applications of corporations, offering instant digital issuance of Certificates of Amendment.
- Swift Corporate and Other Records Exchange (SCORE) Protocol: A platform for partner regulatory and enforcement agencies to access company information easily.
These innovations build upon the SEC’s zero-contact policy and paperless transactions initiative, furthering ease of doing business and keeping in step with digital modernization efforts. Emilio Aquino, SEC chairperson, emphasized the role of these technologies in not just simplifying business processes but also in promoting sustainable development.
Strengthening Tax Collection and Administration
In a significant move to enhance tax collection and administration, the SEC has partnered with the Bureau of Internal Revenue (BIR) through a Memorandum of Agreement and Data Sharing Agreement. This partnership focuses on the SCORE Protocol, granting the BIR access to vital documents for tax assessments and collections.
This collaboration is part of the government’s wider strategy for economic recovery and development, aligning with the objectives of the 2024 National Tax Campaign. By facilitating timely and correct tax payments, the partnership between the SEC and the BIR represents a crucial step towards bolstering the nation’s economic health.
Future Collaborations and Digital Integration
Looking ahead, the SEC aims to extend its partnerships to other government agencies, including the Bureau of Customs and the Bureau of Immigration. These collaborations will support various regulatory and enforcement functions, from improving customs tax collections to monitoring foreign nationals engaged in business within the Philippines.
The introduction of these digital platforms by the SEC signals a decisive shift towards a more efficient, sustainable, and digitally enabled business environment in the Philippines. This initiative not only simplifies the business registration process but also strengthens the government’s ability to effectively administer and collect taxes, supporting the broader goals of national development and economic recovery.
