The Securities and Exchange Commission (SEC) said all its offices will go fully digital with their payment channels starting February next year, although over-the-counter transactions can still be made with state-run Land Bank of the Philippines.
Under its zero face-to-face transaction policy, the SEC will close down its cashier’s office at its main headquarters in Makati City and all extension offices by Feb. 1, 2023.
Payments will be accepted only through its Electronic System for Payments to the SEC (eSPAYSEC) or any Landbank branch.
The SEC earlier signed a deal with Landbank allowing payments for SEC-related transactions in all of its 609 branches nationwide.
“The shift to online and offsite payments furthers our unwavering commitment to ensuring the transparent and efficient management of our funds, as transaction fees and any other amounts that we collect will directly be deposited to and immediately be reflected on the Commission’s accounts,” SEC chair Emilio B. Aquino said in a statement.
“This also complements the transacting public’s pivot to cashless transactions, and the national government’s push for the digital transformation of public services to improve ease of doing business in the Philippines, as in the case of the SEC,” he added.
The eSPAYSEC, launched in the midst of the pandemic lockdowns, is a web-based system that allows for the payment of fees and penalties to the corporate regulator using debit and credit cards, digital wallets, and other cashless payment options.
To use the platform, clients will need their reference number, complete the payment process and provide the required information.
Once the payment goes through, the system will generate an electronic official receipt, which clients will likewise receive through email.
Payments can be made using major credit and debit card providers and mobile wallets of GCash and Maya.
From 2018 to 2021, the SEC consistently secured an unqualified or unmodified opinion from the Commission on Audit. This is regraded as a seal of good housekeeping.
The corporate regulator, earlier this year, was also conferred the 3G Transparency Award by London-based Cambridge International Financial Advisory, which recognizes an organization with the most rigorous and transparent reporting on financials, governance and strategy.
The SEC Financial Management Department was also named one of the outstanding accounting offices for 2021, for the quality, timeliness and accuracy of the financial reports of the Commission.
In 2019, the SEC was likewise cited by the then Presidential Anti-Corruption Commission for curtailing corruption in the government by automating its company registration system.