Securities and Exchange Commission : Ready to face new challenges

From left: Atty. John Philip Siao, Atty. Greg Joseph Tiongco, SEC Commissioner Javey Paul Francisco, SEC Chairman Emilio Aquino, Fr. Eric Castro, SEC Commissioner Mcjill Bryant Fernandez and SEC Commissioner Karlo Bello

The passage of the SRC in 2000 resulted in a fundamental shift in the SEC’s mandate, toward one focused on developing a fair, efficient, and transparent capital market. Up until the enactment of the SRC, SEC’s role in developing the Philippine capital market was much less than what was called for. Aside from company registration and documentation, the SEC is the primary regulator of the Philippine securities market and is responsible for maintaining a fair, efficient, and transparent capital markets. The past few years have seen the SEC make significant strides in improving the country’s financial markets, protecting investors, and promoting transparency.To do this, the SEC has had to adapt quickly to challenges which were mostly ushered in by advancements in technology.

On March 15, 2023, the SEC also issued Memorandum Circular No. 2, which implemented an amnesty program for the non or late filing of the general information sheet and annual financial statements, as well as non-compliance with Memorandum Circular No. 28, 2020, which requires parties to perform transactions online by registering company or entity representatives and email addresses with the SEC.

The ugly part was that interest on these loans could reach upwards 25 percent a month and, since it was estimated that millions of Filipinos had availed themselves of these loans, problems such as abusive collection practices became commonplace. The SEC has also been active in going after and warning the public on the illegal sale of securities and sale of investments by businesses which usually come in the form of investment contracts, whereby the investor is invited to put in a certain amount of money, which the company represents will earn a certain amount in a given period of time.

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