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But BAP maintains FX trading hours

SEC shifts to electronic filings amid Covid surge

/ 05:24 AM January 13, 2022

Starting today until further notice, the Securities and Exchange Commission (SEC) is activating a zero face-to-face transaction policy in its offices in Metro Manila amid the resurgence of COVID-19 cases to record highs.

In a notice dated Jan. 11, the SEC announced that all applications for company registration, submissions of reportorial requirements and other transactions in its main office in Pasay City and former headquarters in Mandaluyong City would now be processed through its online portals, email, courier and other remote means.

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“The adoption of the zero face-to-face setup is in compliance with Republic Act No. 11032, otherwise known as the Ease of Doing Business Law, as the Commission seeks to effectively avoid further spread of COVID-19 in the workplace,” the corporate regulator said in a press statement on Wednesday.

“The SEC will maintain a skeleton workforce and implement other alternative work arrangements to ensure the uninterrupted delivery of services despite the adjustments in its operations,” it added.

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For the registration of domestic stock and nonstock corporations and for the recording of partnerships and licenses to do business for foreign corporations, applicants may use the Electronic Simplified Processing of Application for Registration of Company (eSparc) at http://esparc.sec.gov.ph/application.

Regular FX trading

For its part, the Bankers Association of the Philippines (BAP) announced that interbank peso-dollar spot trading and swap trading hours would remain from 9 a.m. to 4 p.m.

“This step shall guarantee the continued operation of financial markets, therefore enabling market participants to continue meeting their liquidity needs as well as making appropriate hedges in their portfolios and balance sheets for risk management purposes,” the BAP said in a press statement.

For retail services such as foreign exchange, the BAP asked the public to check their respective banks’ websites and social media pages to stay updated on possible changes in the availability of these services.

“Our member banks’ operational adjustments are implemented to ensure that your banking requirements are met throughout this pandemic,” the BAP said.

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TAGS: electronic filings, Securities and Exchange Commission (SEC)
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