THE SECURITIES and Exchange Commission (SEC) said it is likely to surpass its previous record for company registrations this year.
“The SEC is on track to hit another record this year, with 27,734 firms registered as of end-June,” the commission said in an e-mailed statement over the weekend.
The SEC recorded a high of 49,506 company registrations in 2023, an increase of 15.3% from the 42,943 registrations in 2022.
The commission attributed the surge in company registrations to its digital initiatives, such as the Electronic Simplified Processing of Application for Registration of Companies and the One-Day Submission and Express Registration of Companies.
With this, the SEC said it will push for more solutions to support the development of the country’s capital market.
“The SEC will remain committed to providing innovative solutions that will enable a robust capital market and will support the growth of businesses and the Philippine economy,” SEC Chairperson Emilio B. Aquino said.
The SEC recently launched five programs to support the growth of the capital market. These programs include the SEC Zuper Easy Registration Online, which allows for the digital authentication of system-generated forms through the Electronic Submission Authentication Portal.
The SEC also introduced the Foreign Investment Registration Station Green Lane Unit, which provides a dedicated lane for the corporate registration applications of foreigners.
The commission also unveiled the Electronic Application for Modification of Entity Data online portal, which processes amendments to company information, as well as the Swift Corporate and Other Records Exchange protocol, which handles requests from partner regulatory and enforcement agencies for corporate data. — Revin Mikhael D. Ochave
