INQUIRER.net FILE PHOTO
The Securities and Exchange Commission (SEC) has opened a new extension office in Batangas province to boost accessibility in other parts of the country and keep watch on “fraudulent and abusive practices” in the corporate sector.
SEC Chair Emilio Aquino said in a statement on Wednesday that the Lipa Extension Office would likewise ensure “consistent enforcement of corporate and securities regulations.”
The new office will handle applications for the registration of corporations based in the Calabarzon (Cavite, Laguna, Batangas, Rizal, and Quezon) and Mimaropa (Mindoro, Marinduque, Romblon, and Palawan) regions.
READ: SEC: 95% of listed PH companies now reporting ESG initiatives
“With our new extension office in Lipa City, we hope to encourage more businesses to incorporate, and contribute more to the growth of this dynamic and diverse region,” Aquino said.
Data from the Philippine Statistics Authority show that the size of Calabarzon’s economy in 2023 grew by 5.4 percent to P3.1 trillion, buoyed by its arts, culture, and recreational activities. Personal, accommodation, and food services likewise drove growth.
The region grew by 5.2 percent, or slightly slower than the country’s 5.5 percent.
Meanwhile, Mimaropa’s gross domestic product was at P411.4 billion, up by 4.7 percent. Its economy likewise grew by 4.7 percent.
This is the corporate watchdog’s third extension office opened this year after Koronadal in September and Butuan in March.
The new branch brings the SEC’s total number of extension offices to 13.
“Because they are closer to the ground, our extension offices allow the commission to closely monitor and more promptly tackle fraudulent activities such as investment scams and illegal lending,” Aquino said.
“At the same time … the commission can better amplify its information, education, communication and advocacy campaigns, which are vital in protecting the public from investment scams, illegal lending, and other predatory schemes,” he added.
In July, the SEC said it had so far canceled the licenses of 39 financing/lending companies due to “various violations” of regulations. So far, the SEC’s corporate governance and finance department has revoked the registration of nearly 2,100 firms for their violations.