Certain SEC services to be computerized

The Securities and Exchange Commission (SEC) will bid out a contract for the computerization of some of its functions and services to simplify procedures such as company registrations and submission of financial statements.

SEC Chairman Lilia Bautista said the corporate watchdog will shortly be upgrading several systems of the agency to make it more efficient in handling paperwork, as well as easing the load on companies which have to undertake the tedious task of following up on voluminous paperwork.

"We want to simplify the procedures such as registration and incorporation of companies, we are discussing for instance with several parties the possibility of online registration, utilizing the Internet for basic compliance with registration requirements or submission of financial statements," Bautista said.

Bautista said there are already at least two companies that expressed interest in participating in the auction of the contract for computerization.

One is the New Jersey-based Dun & Bradstreet Corp., one of the leading providers of commercial credit, marketing and purchasing information, and receivables management services.

D & B will most likely make its bid through its local partner, Receivables Integration Systems Inc. (RISI), which helps companies manage their receivable accounts or collect debts.

Another interested party is CIBI, a local affiliate of international credit ratings agency, Standard & Poor's.

Bautista said the SEC is still finalizing the terms of reference for the bidding which it expects to conduct this year.

There are many advantages to having a computerized system, Bautista said. Aside from doing away with the tedious, process of following up on paperwork, companies simply have to go online to comply with the requirements for registered companies. Moreover, access to company's financial statements will be easier.

Eventually, when the system is in place, it could also evolve to include a system that would make critical information and disclosures more accessible to the public such as the beneficial owners of companies.