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Philippines SEC rolls outs interim online registration system

Image credit: Securities and Exchange Commission

To facilitate the ease of doing business amid the enhanced community quarantine, the Securities and Exchange Commission (SEC) has launched an interim online registration system for corporations with less than 5 incorporators, including One Person Corporations (OPC) and corporations with 2-4 incorporators.

According to a press release, the interim online registration system allows applicants or their duly authorised representatives to input the necessary data to complete their corporate profiles such as corporate name, address, authorised capital stock, directors, and other essential information. The applicant must provide a valid and existing email address where the status of their applications shall be sent.

Once the online registration is complete, processors from the SEC Cebu Extension Office shall then review their application forms after the corporate name has been verified by the SEC’s Company Registration and Monitoring Department (CRMD).

The Officer-in-Charge of the SEC Cebu Extension Office noted that before the interim online registration was rolled out, it would ask applicants to send their documents to seccebu@sec.gov.ph for initial review. Now that the system is available, it is much easier for interested parties to file applications.

The release stated that this new system is similar to CRS or the company registration system, where corporations with five or more incorporators can apply online. Before the implementation of enhanced community quarantine, applications with less than five incorporators had to be manually filed in our office. Now, interested applicants may file it in the comfort of their own homes. It is easier and much safer that way.

After approval of the online application, applicants are required to submit the signed and notarized hard copies and pay for the filing fee once enhanced community quarantine is lifted.

Interested applicants may visit the website. A user guide is available for instructions on how to navigate around the system.

SEC is the national government regulatory agency that supervises the corporate sector, capital market participants, the securities and investment instrument market, and the protection of the investing public.

Other government agencies are also digitalising their services. The state pension fund Government Service Insurance System (GSIS) recently announced that its members and pensioners nationwide may now apply for the GSIS COVID-19 Emergency Loan program online.

As OpenGov reported, the President said that under the GSIS Emergency Loan program, members and pensioners may take out a PHP 20,000-loan (about US$ 392), which is payable in three years at only 6% interest per annum. The loan is covered by insurance, which deems the loan fully paid in case of the borrower’s demise.

He explained that to apply for the loan online, the borrower needs to email the following to GSIS: duly-accomplished Emergency Loan application form which is downloadable from the GSIS website; a picture or scanned copy of the borrower’s GSIS electronic card (eCard) or Unified Multi-Purpose Identification (UMID) card; and, photo of the borrower holding the filled-out application form.  If the ecard or UMID card is not available, the borrower may submit two valid IDs.

The application form and requirements must be sent to the designated email address according to the members’ place of work or pensioners’ residence.

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