Securities and Exchange Commission Philippines wins big at GovMedia Conference & Awards
It has clinched the Philippines Campaign of the Year - Regulatory, E-Governance Project of the Year - Regulatory, and Sustainability Initiative of the Year - Regulatory awards.
Philippine government agency Securities and Exchange Commission (SEC) has landed three major wins at the coveted GovMedia Conference & Awards 2024 for championing the country’s business sector through innovative and sustainable solutions.
The SEC is the recipient of the E-Governance Project of the Year - Regulatory, Philippines Campaign of the Year - Regulatory, and Sustainability Initiative of the Year - Regulatory awards, in recognition of its efforts to digitally transform its services, boost compliance with reportorial requirements, and promote sustainability.
“2023 has been a milestone year for the SEC Philippines, as we championed the business sector through the implementation of key programs under our digital transformation and sustainability initiatives,” said Atty. Emilio B. Aquino, chairperson and chief executive officer of the SEC Philippines.
“The recognitions we have received for these programs will only push us to pursue greater heights and serve as an inspiration in our mission to becoming the business and investment destination of choice in the Southeast Asian region,” Atty. Aquino added.
The digital transformation programme of the SEC focuses on transforming procedural and policy environments, and on adopting requisite tools, such as software and equipment, toward ensuring an efficient and easy way of delivering services to the public. Since launching its first wave of digital initiatives in 2020, it has been able to build new systems and launch more initiatives that serve the needs of its stakeholders.
Amongst the solutions in this initiative was the Unified Company Database (UniComDB), which was established out of the need to provide accurate and reliable company information not only to SEC personnel but also to the general public. It served as the backbone for all SEC digital platforms, providing a single, unified, and centralised company information database that can be linked with other applications to allow for the electronic validation of records.
As of end-2023, UniComDB had in its repository more than 1.2 million companies and over six million officers/incorporators, covering all the way from 1998 to 2023. Using data stored in the platform, the SEC was able to launch five new digital programmes that went live in the past year: the Enhanced SEC Universal Registration Environment; Electronic SEC Education, Analysis, and Research Computing Hub; SEC API Marketplace; Electronic Registry Application for Market Participants; and the SEC Check App 2.0. UniComDB also made possible the launch of the CheckwithSEC website, where the public can look up whether a company is registered with the SEC or not.
The UniComDB powered the digital transformation of the SEC by tracking and storing all information in a company’s corporate existence.
“By capturing essential information, the SEC is able to push for a more data- and evidence-based decision-making process that will aid businesses, investors, and other actors in conducting due diligence,” Atty. Aquino said.
SEC bagged the Philippines E-Governance Project of the Year - Regulatory for this project.
In line with its e-governance initiatives, the SEC launched the Amnesty Programme, which gave non-compliant, suspended, or revoked corporations an opportunity to avail of lower fines or penalties incurred for the late and non-filing of their reportorial requirements. Availing of the amnesty programme included registration with the Commission’s online submission platform as a first step, thereby increasing the number of companies enrolled in the system.
In addition to boosting enrolment in its online submission system, the amnesty programme sought to address the number of corporations that have failed to faithfully comply with the submission of their reportorial requirements. In 2023, the SEC recorded over 200,000 non-compliant and suspended or revoked corporations, highlighting the problem of compliance with the submission of such reports.
Failure to comply with such reportorial requirements leads to hefty fines and penalties and, for extreme cases, the revocation of one’s corporate registration.
To encourage as many companies as possible to avail of the program, the SEC rolled out the Fresh Start campaign, spanning multiple platforms that included traditional media, digital marketing, microsite, networking, out-of-home advertising, and telemarketing.
A dedicated helpdesk and application kiosks located at the SEC Headquarters and extension offices were also set up to readily assist the public. An ad hoc call centre identified high-potential applicants and followed up on pending applications through outbound calls.
Further, the SEC took advantage of its partnerships under the SEC Campaign Network, consisting of local government units, government agencies, as well as industry groups and other private sector organisations.
Since the end of its campaign in early 2024, the SEC has been able to surpass its targets in terms of the number of applications and compliance, with more than 86,000 availing of the amnesty programme. This success has brought them the Philippines Campaign of the Year - Regulatory category win in the awards programme.
The Commission’s digital transformation initiatives have naturally allowed the SEC to adopt and promote sustainability as part of its growth strategy through the SEC SustainAll and DigitAll Programme.
By digitalising the submission of reports, the SEC made a positive shift from a paper-laden past to a cloud-centric present. This programme dramatically reduced paper consumption and, by extension, the environmental footprint of the corporate sector. In 2023, an estimated 40.8 million pages were saved.
It also streamlined the submission processes, reducing transportation expenses, and minimising energy and resource consumption linked to printing multiple copies of reports.
The success of this initiative is measurable not just in the number of pages saved, but also in the heightened efficiency and transparency introduced into regular business operations. It is adaptable to the evolving digital landscapes, showcasing a dynamic and forward-thinking approach to sustainability in the digital age.
“The SEC SustainAll and DigitAll Programme is a testament to what can be achieved when commitment to environmental stewardship is seamlessly integrated with technological innovation. It has not only revolutionised our own practices but also set a precedent for a more sustainable corporate world,” Atty. Aquino said.
This initiative has led the SEC to win the Philippines Sustainability Initiative of the Year - Regulatory category.
“With these awards resting on our shoulders, the SEC will continue to strive for excellence and serve the public with renewed vigour and tenacity toward achieving a better and brighter future for all,” Atty. Aquino said
The GovMedia Conference & Awards is a prestigious event that spotlights outstanding government projects and initiatives in Asia that contribute to the well-being of the people in the region.
The Gov Media Awards is presented by Gov Media Magazine. To view the full list of winners, click here. If you want to join the 2024 awards programme and be recognised for your organisation's government projects and initiatives, please contact Jane Patiag at [email protected].
