OP lauds SEC’s digital initiatives for streamlining business registration

The Office of the President has lauded the Securities and Exchange Commission (SEC) for its digital advancements, which have significantly accelerated and improved the company registration process for both local and international investors.

According to the President’s Report to the People 2022-2024, “Our economy's current standing owes much to the efforts of our private sector partners, academic institutions, and international organizations. Their collaboration is vital in bridging the digital divide and creating a better-connected Philippines.”

The report highlighted the SEC’s innovative approach to business registration through its SEC Zuper Easy Registration Online (ZERO) system. This digital platform, coupled with the Electronic Submission Authentication Portal (eSAP), streamlines company registration by eliminating the need for in-person interactions, physical signatures, and notarizations. This allows Filipinos and foreign investors to incorporate businesses from anywhere in the world, at any time.

For foreign investors, the SEC has introduced a faster registration process through the SEC Foreign Investment Registration Station (FIRST) Green Lane Unit. This dedicated lane simplifies the licensing process for foreign and multinational companies and expedites registration under the Foreign Investments Act.

The SEC’s digital strategy also includes other initiatives such as the Electronic Application for Modification of Entity Data (eAMEND) for online amendments to company information, and the Swift Corporate and Other Records Exchange (SCORE Protocol), which manages requests from regulatory and enforcement agencies for corporate data.

“These online tools and systems allow for effortless incorporation of businesses by Filipinos both at home and abroad, as well as our foreign partners,” the report stated.

Furthermore, the report noted that the Electronic Simplified Processing of Application for Registration of Company (eSPARC) has cut down the registration processing time to between one and seven working days, a significant improvement from the previous duration of one to two months.

Fiona Mae Corral-Bobis of ACES Comprehensive Business Solutions Co. praised the new system, saying, “The eSPARC registration system is a substantial upgrade from the old process. It eliminates the need for physical queues and offers a one-day processing option if all details are accurate.”

SEC Chairman Emilio B. Aquino expressed gratitude for the President's ongoing support, which has enabled the SEC to enhance its services and facilitate a smoother business environment. “The SEC remains dedicated to delivering innovative solutions that strengthen the capital market and support the growth of businesses and the Philippine economy,” he affirmed.