26.3 C
Philippines
Friday, February 23, 2024

12:35 AM

26.3 C
Philippines
Friday, February 23, 2024

12:35 AM

SEC-CDOEO RECORDS 1,598 INCORPORATIONS FOR 2023

The Securities and Exchange Commission – Cagayan de Oro Extension Office (SEC-CDOEO) has recorded a total of 1, 598 incorporations for the year 2023 which includes Northern Mindanao and Caraga Regions. Out of the 1,598 – Stock Corporations are 819; Non-Stock Corporations are 690; and 89 are Partnerships.

The milestone of obtaining a higher number of company registration is achieved through the Commission’s digital transformation in establishing the Electronic Simplified Processing of Application for Registration of Company (eSPARC) in April 2021. The online platform has made company registration in the SEC easier and more convenient.

SEC-CDOEO in terms of collection has a relatively high record gaining a total of Php 41.47 Million as compared to that of 2022 which was only Php 27.98 Million. Such 48% increase was also due to the availment of corporations to the issuance of amnesty grant to all corporations issued through Memorandum Circular No. 2 series of 2023.

“The transition to the online platform has really made company registrations today more efficient and easier. The ESPARC is designed to be a user-friendly platform even to those individuals who need technical assistance. Above all, this is in pursuance to the Ease of Doing Business Act which aims to streamline the current systems and procedures of government services.” says Lawyer Frederick A. Enopia, Director of SEC – CDOEO.

The Commission in general has hit a new high record of 49, 473 firms for 2023 surpassing the 42, 925 incorporations in 2022.

Aside from the ESPARC online registration platform, SEC has shifted as well to its digital submission of reports through the Electronic Filing and Submission Tool (Efast). With eFAST, the SEC has been able to shift the submission of Annual Financial Statement (AFS) and General Information Sheet (GIS) completely online in a span of two years. The number of AFS submitted via eFAST grew by 209% from 2021 to 2022, while GIS submissions through the platform jumped by 297% in the same period.  

In the advent of introducing these digital platforms, the SEC-CDOEO has continuously made efforts as well in addressing the challenges of technological advancements and adaptation by conducting seminar-workshops on concerned sectors on how to register their company with the SEC.

“As we adapt in this digital age, we are also aware of those sectors who need assistance in this transition. We tap government and private agencies too to become our partners in ensuring that no one will be left behind since it will never be easy for all of us.” says Director Enopia in a closing statement.