Boosting Ilocos economic growth with new SEC Laoag office

The Securities and Exchange Commission (SEC) is making moves to boost economic growth in Ilocos with the opening of its new extension office in Laoag. This new office, the 14th of its kind nationwide, is located at the fifth floor of the Dap-ayan building, conveniently situated across from the Ilocos Norte Capitol and the Marcos Hall of Justice.

During the official blessing and ribbon-cutting ceremony, SEC Chairperson Emilio Aquino highlighted the office’s role in fostering a business-friendly environment that will encourage more companies to incorporate in the region. With the Ilocos Region boasting the second highest nominal GDP among all regions, valued at approximately PHP 701.47 billion in 2023, the new SEC office aims to support and further enhance the economic development not only of Ilocos Norte but also neighboring provinces like Ilocos Sur and Cagayan.

Aquino emphasized that the Laoag extension office will streamline registration, compliance processes, and other SEC-related transactions for businesses operating in the area. This strategic move ensures efficient service delivery for enterprises across Ilocos Norte, Ilocos Sur, La Union, and Pangasinan. Additionally, the branch will play a vital role in executing the SEC’s investor protection and education initiatives to shield businesses from potential fraudulent activities.

As of November 2024, the Ilocos Region is home to a total of 12,463 SEC-registered corporations. With the new SEC office in Laoag, the Commission aims to enhance the ease of doing business in the Philippines, further signaling its commitment to supporting economic growth at the local level.

In response, Ilocos Norte Governor Matthew Joseph Manotoc expressed gratitude to the SEC for its ongoing support in driving the province’s economic progress. Acknowledging Ilocos Norte as the fastest growing economy in Region 1 as per the PSA, Governor Manotoc emphasized the importance of fostering an enterprising culture within the province to continue its upward trajectory.

With the inauguration of the SEC’s new office in Laoag, the economic landscape of Ilocos is set to receive a significant boost, paving the way for more businesses to thrive and contribute to the region’s prosperity.