New SEC office opens in Koronadal

The Securities and Exchange Commission (SEC) opens its fifth office in Mindanao, this time in Koronadal for corporations based in the South Cotabato City. INQUIRER.net FILE PHOTO

The Securities and Exchange Commission (SEC) has opened its fifth office in Mindanao, this time in Koronadal for corporations based in the South Cotabato City.

The corporate watchdog on Monday said its new extension office at the South Cotabato Gymnasium and Cultural Center was built to cater to more Soccsksargen-based firms, as travel time to the nearest SEC office in Davao City took around three hours from Koronadal.

“The commission recognizes the need for our services to be more accessible and convenient to encourage entrepreneurs to take advantage of the corporate vehicle in setting up their businesses, so that they can be contributors to overall economic growth,” SEC Chair Emilio Aquino said in a statement.

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The SEC said the Koronadal office would likewise allow the agency to closely collaborate with local governments.

The port of General Santos was among the key economic growth drivers of Soccsksargen, it said.

Data from the Philippine Ports Authority showed a total of 721,686 metric tons of cargo went through the port last year, accounting for more than half of the region’s total.

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To date, the SEC has 12 extension offices in the country. The Koronadal office is the second to be opened this year after the Butuan branch was launched in March.

Other extension offices are in Baguio, Tarlac, Legazpi, Cebu, Bacolod, Iloilo, Tacloban, Zamboanga, Davao, and Cagayan de Oro.

In 2023, the SEC reached a new record for company registrations with 46,445 firms signing up. This brings the number of registered companies in the country to 1.21 million as of December 2023.