Phase II of SEC computerization project deferred to Q1 of 2004

The Securities and Exchange Commission (SEC) said the implementation of the second phase of its $165-million computerization project, involving the viewing of corporate financial statements and other reports via the internet, would be pushed back to the first quarter of next year.

SEC Associate Commissioner Joselia Poblador said the Commission would not be able to meet its end-December target as the terms of reference for the proposed bidding have yet to be drafted.

With this service, the public will have access to general information sheets, audited financial statements and other periodic reports filed with the Commission by logging on to the SEC’s website, sec.org.ph.

The move is part of SEC’s efforts to provide quicker, better and more efficient services and promote the Philippines as a base for globally competitive operations.

The SEC launched in April its online registry system, dubbed as I-Register, which allows the public to verify and register their business name with the corporate watchddog via the Internet anytime and anywhere.

The corporate registry system will allow remote submission of company registration applications. It is envisioned to reduce the volume of applications received and manually processed by the company registration and monitoring department, allowing more time to be invested in the assessment, evaluation and monitoring functions of the staff.

The verification function, on the other hand, shall automatically display similar names that have been reserved and registered or globally and internationally recognized names that can no longer be unduly misappropriated.

The SEC hopes to include in its computerization project the online filing of securities applications and disclosure reports through a SEC web facility similar to the EDGAR system of the US SEC.

Apart from this, the SEC intends to include the electronic filing of investor complaints and electronic access by the SEC of information held by other agencies. The SEC likewise intends to compile all its decisions, opinions and cases in electronic format to ensure ease of access to public documents.

The automation of the SEC’s filing and access facilities will speed up the process and enable the agency’s staff to focus their resources on monitoring compliance and enforcement.

By simplifying and automating functions, the SEC does not only introduce greater efficiency in services but also eliminate opportunities for graft and corruption.