Digitization to boost the capital market – DOF

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MANILA, Philippines – The Department of Finance (DOF) has called on the Securities and Exchange Commission (SEC) to further energize the capital market through digitalization to contribute to overall economic growth.

Finance Secretary Benjamin Diokno said the SEC should make the capital market broader and more inclusive through digitalization and stronger corporate governance.

“I expect the SEC to fully harness the powers of new digital technologies to further improve oversight, bolster investor confidence, protect the investing public, and better serve the nation,” Diokno said.

The CFO also called on the SEC to ensure the provision of safe and secure financial and investment instruments to Filipinos.

Diokno said the SEC should be relentless in exposing investment scams to protect investors and maintain confidence in the country’s financial system.

“We expect even more buoyant and feverish market activity,” he said.

Diokno also praised the SEC’s digital transformation initiatives that have allowed the market to continue operating as normal despite the pandemic.

As a reminder, the SEC has developed Electronic Simplified Processing of Company Registration Applications (eSPARC) and One-Day Submission and Electronic Company Registration (OneSEC), both for faster and easier company registration. .

So far, eSPARC has processed more than 70,000 applications for company registration, of which 7,000 have been processed in OneSEC.

The SEC Electronic Payment System (eSPAYSEC), on the other hand, enabled online payment of registrations and other transaction fees. It has so far processed more than 30,000 transactions.

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