THE Securities and Exchange Commission (SEC) collected over P119 million in penalties and fees since March 2021 through its online system, following an initiative to end face-to-face transactions, the Department of Finance (DoF) said.
The SEC collected a total of P119.07 million between March 2021 and the end of January, from nearly 17,000 online transactions.
The commission’s electronic payments system that collects fees, penalties, and other charges through credit cards and other cashless payment options, the DoF said in a statement on Tuesday.
The SEC’s electronic submission tool for audited financial statements and general information sheets processed nearly 170,000 enrollments since its launch in March last year up to the end of January.
The electronic system for registrations processed over 48,000 applications.
SEC Chairman Emilio B. Aquino said the commission is working with the Development Bank of the Philippines (DBP) to firm up cybersecurity measures for the financial sector.
“DBP and SEC will hold knowledge-sharing exercises on cybersecurity. And (DBP) President Manny (Emmanuel G. Herbosa) will report on the progress, as well as outcomes,” Mr. Aquino said.
He added that the SEC will try to fully shift to online services and end face-to-face transactions towards the end of the Duterte administration.
Last week, the commission released its submission timetable for audited financial statements and general information sheets of stock and nonstock corporations.
This year, all stock and nonstock corporations 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 through e-mail, courier, or in person.
Corporations and their authorized filers may enroll on the electronic submission tool until March 31. — Jenina P. Ibañez
