Finance Secretary Benjamin E. Diokno has commended the Securities and Exchange Commission (SEC) for being a global champion of good corporate governance and applauded the agency’s efforts in strengthening enforcement and investor protection to ensure the integrity of the Philippine financial system.
“The international recognitions you received this year affirm your deep commitment to raise the global competitiveness of the Philippine business and capital markets,” Secretary Diokno said in a message to the SEC on its 87th Anniversary and Appreciation Night.
The SEC won the Corporate Registers Forum Innovation Award for its Electronic Simplified Processing of Application for Registration of Companies (eSPARC) and One-day Submission and E-registration of Companies (OneSEC), which were deemed to be among the best company registration systems in the world.
On top of this, the SEC also received the Global Good Governance or 3G Advocacy and Commitment to Corporate Governance Award for the third consecutive year as a result of championing good corporate governance and sustainability in the Philippine corporate sector.
Moreover, the Commission won the 3G Championship Award in Environmental, Social, and Governance (ESG) Practices and the Asia CEO Awards 2023 Circle of Excellence Award for Sustainability.
As an attached agency of the Department of Finance (DOF), the SEC is charged with the task of supervising the corporate sector, capital market participants, and the securities and investment instruments market. More importantly, the Commission is responsible for the protection of the investing public.
Last year, Secretary Diokno challenged the SEC to ramp up its enforcement and investor protection efforts to ensure the security of the Filipino people’s hard-earned money and investments.
He applauded the Commission for stepping up to his challenge by intensifying its enforcement capacities and efforts in collaboration with international organizations, national agencies, and local government units.
According to the Finance Secretary, the implementation of the SEC Rules and Regulations on the Financial Products and Services Consumer Protection Act of 2022 fortifies its mandate to protect financial consumers under its jurisdiction.
With this, the Commission has engaged in a capacity-building partnership with the United States SEC and the Asian Development Bank (ADB) to enhance its personnels’ capacities for investigating securities-related crimes such as insider trading, market manipulation, off-market fraud, and crypto scams.
Furthermore, Secretary Diokno recognized the importance of the Data Sharing Agreement on Beneficial Ownership Information between the SEC and national law enforcement agencies, such as the Bureau of Internal Revenue (BIR), Philippine Amusement and Gaming Corporation (PAGCOR), and Philippine National Police (PNP), which he expects to make an impact in preventing money laundering and other financial crimes.
To spread public awareness of investment scams and other fraudulent schemes, the SEC has also partnered with local government units (LGUs) through the SEC Anti-Scam and Illegal Taking of Investments Group (SEC ASTIG).
As the SEC enters its 88th year, Secretary Diokno expressed his confidence in the Commission’s capability to excellently carry out its “SuperVision” of elevating the Philippine business and capital markets to become one of the best in Southeast Asia.
“The President made an important call to the SEC when he inaugurated this very hall a few months ago. Beyond ensuring that businesses thrive, the Commission’s role in the Bagong Pilipinas national development agenda is to turn businesses into agents of economic and social transformation,” Secretary Diokno said.
