PBBM seeks SEC help to promote PH as ‘investment destination’

SAFE INVESTMENT HUB. President Ferdinand R. Marcos Jr. delivers a keynote speech during the 85th anniversary celebration of the Securities and Exchange Commission (SEC) at its headquarters in Makati City on Thursday (June 22, 2023). The President urged the SEC to help his administration promote the Philippines as a safe and protective investment destination. (PNA photo by Joey Razon)

MANILA – President Ferdinand R. Marcos Jr. on Thursday urged the Securities and Exchange Commission (SEC) to help his administration promote the Philippines as a “safe and proactive” investment hub.

Marcos made the call, as he joined the SEC’s 85th anniversary celebration at its headquarters in Makati City.

In a keynote speech, Marcos vouched for SEC’s competence, saying it has become “a reliable regulator of corporate and capital markets and a staunch protector of our people and their investments.”

“I know that I can count on each of you to help promote our country as an investment destination—one that is safe, that is orderly, and proactive; and one that can uphold the rights and welfare of our investors and consumers to their mutual benefits,” he said.

Marcos also called on SEC to help the business sector and transform it as an “agent of social and economic transformation.”

He expressed optimism that more local businesses will reach even greater heights for a “more robust and equitable” economy.

“Throughout the commission’s existence, the SEC has helped create an environment that benefits the business and investment sectors,” Marcos said. “As we are now deep in our efforts to fully transform our economy, it is my hope that your role in our collective growth remains clear so that businesses will not only thrive, but will also become agents of our economic and social transformation.”

Digitalization efforts

Marcos also lauded the SEC personnel for their commitment to improve the services offered by the country’s company registrar.

He called on SEC to continue its digitalization initiatives in pursuit of “sustainable finance and good corporate governance.”

This, as the commission introduced its new digital services, which include the Electronic SEC Universal Registration Environment (eSECURE); the Electronic SEC Education, Analysis, and Research Computing Hub (eSEARCH); SEC API Marketplace, Electronic Registry Application for Market Participants (eRAMP), and the SEC Check App 2.0.

Marcos said the programs will enable SEC to be a “reliable partner” in efforts to digitalize government procedures and services.

“Your openness to achieving digital transformation has likewise been integral to fostering business formation and for growth,” he said, stressing that the innovations pursued by the commission employ a “more modern, more efficient, and more secure approach in managing stakeholders and their data.”

“Through the digital reforms that you have put in place, you have made it easier for corporations to comply with the requirements and maintain a good standing in the business community,” Marcos added.

The SEC acts as the Philippines’ corporate registrar by virtue of Commonwealth Act 287 enacted on June 3, 1938.

It is mandated to perform all functions relative to the registration of corporations and associations.

Careful against fraudulent schemes

Acknowledging the presence of fraudulent individuals who are taking advantage of the new technology, Marcos advised everyone to be “very careful.”

Marcos said the public should discern scams, especially if the offer is “too good to be true.”

“It really comes down to the public. My advice to the public is that when you get the message and there is a deal being presented and it sounds too good to be true, it is [a scam]. There is no such thing as 100 percent risk-free. There is no way to guarantee these enormous returns on what they are claiming, on the money that you give them,” he said.

“So, we just have to be very, very watchful. And we have to be very, very careful and also be aware of the new technologies, of the new ways in which we can prevent these kinds of things,” Marcos added.