Press Release
February 15, 2018

Even with computerization, online registration

Senator Nancy Binay asked officials of the Securities and Exchange Commission (SEC) to explain the cause of the heavy delay in the release of certificates of registration of companies.

"Unacceptable ang paghintayin ang taxpayer ng mahigit sa isang buwan na dati-rati'y tatlong araw lang. Our taxpayers deserve better. The SEC especially should be in the forefront of promoting good corporate governance and investor protection," Binay said.

According to the SEC, it will take them three to four months to resolve the more than 5,000 new application backlog hounding the agency.

This despite the SEC launching an online registration system for early registration of corporations in the country last year.

"Hindi ba ang point ng online registration is to make things easier? Why is it getting worse?" Binay asked.

The commission launched its online registration system November last year as part of the Commission's 81st anniversary celebration.

According to SEC Chairperson Teresita J. Herbosa, its online registration system "is part of the continuing effort of SEC to serve the public better - it eliminates face-to-face interactions for the registration of new corporations, and most importantly, it is there to save the public's time and effort and to further ease doing business in the Philippines."

However, during an inquiry by the Senate committee on banks, financial institutions and currencies, SEC's Company Registration and Monitoring Department Director Ferdinand Sales admitted that the commission still has a backlog of 5,378 new applications.

This outlook, according to their presentation, was based on their current level of staff production, assuming that average incoming applications were at 296 a day with "no unforeseen circumstances" that may cause interruptions.

Binay asked the SEC if it would consider offering companies a manual registration option while the commission figures out the problems in its online system.

"Saan ba nagkakaroon ng problema? Sa tao ba o sa proseso mismo? Baka puwedeng tignan kung option ang pagbalik muna sa manual application habang inaayos ng SEC ang kanilang sistema," Binay said.

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