DUMAGUETE CITY, Negros Oriental (PIA)  -- The Securities and Exchange Commission (SEC) has partnered with the Philippine Information Agency (PIA) to boost the campaign against investment scams and promote the government’s digitalization initiatives to improve the ease of doing business. 

SEC Bacolod City Extension Office head Annabelle Corral-Respall and PIA Negros Oriental Information Center Manager Jenifer Tilos recently signed a memorandum of agreement for the rollout of advocacy activities in the province. 

“As the public information arm of the government, we are glad to assist the SEC in their communication campaigns. We fully support the SEC in its call for corporations to maximize the use of its digital services,” Tilos said.

Under the partnership, PIA will assist the commission in the conduct of advocacy campaigns for the utilization of digital services particularly the EFast Portal, protection against investment scams, and help corporations avoid violations of SEC regulations. 

Information Roadshow

One of the advocacy campaign activities to be conducted by SEC is the Capital Information Roadshow in Dumaguete City in June this year. 

The activity is spearheaded by SEC to educate the public on crowdfunding and initial public offering for corporations, according to SEC Bacolod City Extension Office Public Information Officer Laarni Dilag-King. 

“It’s like an investment fair. Iyon yung mangyayari (This is what will happen) this coming June,” Dilag said.

During the roadshow, SEC–licensed intermediaries will introduce the concept of crowdfunding and encourage people to invest in these funds.

SEC will also seek for micro, small, and medium scale enterprises, corporations, and business that have the potential to grow and assist them in their business development during the roadshow. 

A representative from the Philippine Stock Exchange (PSE) will also discuss initial public offering.  

PSE will also be looking for businesses that have the potential to grow and assist them in making their businesses sustainable.

Annual submission of reports

There are 3,962 corporations in Negros Oriental, which include non-stock, non-profit corporations, stock corporations, and partnerships that are registered with SEC.  

This comprises about 17 percent of the total number of SEC-registered corporations in the entire Negros Island, said Respall. 

She urged corporations to comply with the annual submission of reports to the SEC to avoid being declared as a delinquent corporation and the risk of getting their registration suspended. 

“When you don’t submit, you violate the (law) but you can still continue your operations. You will be penalized administratively. There will be fines for late filing or for non-filing but remember that the SEC Philippines wants SEC-registered corporations now to be more compliant,” Respall said.

She explained that non-filing of annual reports within three consecutive or three intermittent years can be grounds for a corporation to be declared delinquent and have their licenses revoked.

For foundations registered as non-stock corporations, aside from the annual submission of the General Information Sheet and financial statements, they are also required to disclose sources of their funds or submit a certificate of existence.

Welfare organizations registered as non-stock corporations are also required by SEC to submit a mandatory disclosure form. (RAL/PIA7 Negros Oriental)