SEC pitches in P 2B to COVID-19 war chest

The Securities and Exchange Commission (SEC) has contributed P2 billion to the state coffers in order to boost the government’s war chest against the COVID-19 pandemic.

This contribution is in accordance with Republic Act No. 11469, otherwise known as the Bayanihan to Heal as One Act, and the directive of the Department of Finance, the SEC said on Tuesday, adding that it had been proactively responding to the public health emergency.

“A pandemic that has brought the world to a standstill, disrupted businesses and livelihoods, and caused the loss of lives calls for a collective response from all sectors,” SEC Chair Emilio Aquino said.

“The SEC has moved into position for the country’s fight against COVID-19. Aside from supporting other government agencies on the front line, we have worked on buttressing the corporate sector, capital market and investing public, which are crucial in the resilience of our economy and, more importantly, of the Filipino people.”

Apart from the cash contribution to the government coffers, the SEC also extended regulatory relief to corporations and other entities under its supervision by moving statutory deadlines and easing requirements and procedures.

The SEC likewise sustained enforcement efforts against unscrupulous members of the corporate sector. —Doris Dumlao-Abadilla INQ