SAP Go praises SEC for backing stock market

The Securities and Exchange Commission has been praised by the Office of the President for its efforts to support the business sector and investors. This acknowledgment comes after Special Assistant to the President (SAP) for Investment and Economic Affairs of the Philippines Frederick D. Go commended the SEC for its work in enhancing and expanding the Philippine stock market.

In a recent statement, Go expressed his satisfaction with the SEC’s policies aimed at strengthening the market. Less than a year after his challenge to the Commission to aid in the market’s recovery and competitiveness, Go noted that the SEC had followed through with improvements. He highlighted the development of rules and regulations that simplify and expedite the IPO application process.

Earlier this year, the SEC issued Memorandum Circular (MC) No. 8, Series of 2024, which introduced guidelines for cornerstone investors in IPOs to boost investor demand. Furthermore, the Commission eliminated the minimum commission charged by stockbrokers to offer more flexibility in the market.

Go also praised the SEC’s digital initiatives, which have streamlined the process of business incorporation for both local and international ventures. The launch of digital tools such as SEC Zuper Easy Registration Online (ZERO) and the Electronic Submission Authentication Portal (eSAP) has eliminated the need for physical signatures and notarization, enabling Filipinos to register their businesses from anywhere in the world.

Additionally, the SEC introduced the SEC Foreign Investment Registration Station this year, a system dedicated to facilitating the registration of foreign-owned corporations to attract more foreign investments to the Philippines. As a result of these initiatives, the SEC recorded close to 50,000 new company registrations, signifying a noticeable improvement in the efficiency of corporate registration processes.

Looking ahead, Go expressed his hope for the SEC to continue its role as a vital partner in the progress of the Philippine economy. He emphasized the Commission’s importance in safeguarding investors, instilling trust in financial systems, and fostering a conducive environment for investments in the country.

Executive Secretary Lucas P. Bersamin also underscored the positive perception of the Philippines among foreign officials and business groups, attributing the country’s market expansion to the contributions of organizations like the SEC. Acknowledging the SEC’s efforts in attracting investments and managing business affairs in the country, Bersamin reaffirmed the administration’s commitment to promoting market enhancement.

During its 88th-anniversary celebration, the SEC honored 75 individuals and institutions from various sectors for their significant contributions to advancing the Commission’s key programs. These programs focus on driving business sector growth, capital market development, investor education and protection, sustainability and good corporate governance, and organizational development.

SEC Chairperson Emilio B. Aquino expressed gratitude for the recognitions received, emphasizing that the SEC’s achievements were made possible through collaboration with partners within the SEC CAMPAIGN Network. He credited this collective effort for the elevation of the SEC’s initiatives aimed at supporting the corporate sector, capital market, and investor protection.