THE SECURITIES and Exchange Commission (SEC) has vowed to sustain corporate and capital market reforms to support the country’s growth.
“We are leaving 2024 with much needed changes implemented to enhance the business sector,” SEC Chairman Emilio B. Aquino said in an e-mailed statement on Monday. “As we embark on our 89th year, we will remain steadfast in transforming the capital market to support the growth of a sound and dynamic economy.”
The SEC said there were 49,432 company registrations from January to November, up 6% from last year and on track to a new record this year, led by its digitalization efforts.
“Looking back, the SEC has been relentless in its efforts to improve its services through digitalization and implementation of reforms that seek to create a conducive environment that will encourage businesses to incorporate and tap the capital market,” Mr. Aquino said.
Market capitalization had increased 23.6% year on year to P20.12 trillion as of Nov. 30, according to the corporate regulator.
It said Association of Southeast Asian Nations (ASEAN)-labeled green, social, sustainable and other labeled bonds (GSS+) issued by Philippine companies from January to November rose seven times to P209.29 billion.
“This brings the value of outstanding ASEAN-labeled GSS+ issued as of end-November to P661.6 billion, representing a 46.27% growth from the same period last year,” it said.
It also said it met its target this year of 888 companies that raised funds public offerings of securities and crowdfunding.
The SEC also intensified efforts to boost investor protection and education. It had released 106 public advisories against unauthorized and illegal investment-taking activities and schemes by end-October. It also issued 18 cease orders against 42 entities and revocation orders against 24 groups.
The SEC filed criminal complaints against 68 people with the Justice department for violating the Securities Regulation Code and the Financial Products and Services Consumer Protection Act.
Meanwhile, the regulator launched digital initiatives to streamline government processes. These include the SEC Zuper Easy Registration Online and Electronic Submission Authentication Portal, which allowed applicants to register their businesses by allowing the digital authentication of documents.
The commission also formed the SEC Foreign Investment Registration Station green lane unit for the applications of companies under the Foreign Investment Act, as well as foreign and multinational companies. It had processed almost 16,000 applications as of November, it said. — Revin Mikhael D. Ochave
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