SEC generates over P119M in fines via online system

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The Securities and Exchange Commission (SEC) has collected more than 119 million pesos in penalties and fees since March 2021 through its online system, following a move to end face-to-face trading, said the Department of Finance (DoF).

The SEC collected a total of 119.07 million pesos between March 2021 and the end of January, from nearly 17,000 online transactions.

The commission’s electronic payment system that collects fees, penalties and other charges through credit card and other cashless payment options, the DoF said in a statement Tuesday.

The SEC Electronic Submission Tool for Audits Ifthe financial statements and general information sheets have processed nearly 170,000 registrations since its launch last March until the end of January.

The electronic registration system processed more than 48,000 applications.

SEC Chairman Emilio B. Aquino said the commission was working with the Development Bank of the Philippines (DBP) to strengthen cybersecurity measures for the financial sector.

“DBP and SEC will organize knowledge sharing exercises on cybersecurity. And (DBP) Chairman Manny (Emmanuel G. Herbosa) will report on progress, as well as results,” Mr. Aquino said.

He added that the SEC will attempt to move completely to online services and end face-to-face transactions near the end of the Duterte administration.

Last week, the commission published its timetable for submitting audits Ffinancial statements and general information sheets for joint stock and non-stock companies.

This year, all stock and non-stock companies are required to submit their annual reports through its online submission tool, adding that it no longer requires hard copies and will not process submissions sent by email, mail or in person.

companies and their Ifcan register on the electronic submission tool until March 31. — Jenina P. Ibanez

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