The Securities and Exchange Commission (SEC) is moving its payment channels online and offsite by 2023 even as it continues to implement a zero face-to-face transaction policy.
In a media advisory, the Commission announced that starting February 1, 2023, all payments to the SEC will now be accepted only through www.espaysec@sec.gov.ph or via the Electronic System for Payments (eSPAYSEC) and at any Land Bank of the Philippines (LANDBANK) branches nationwide.
Accordingly, the Cashier’s Office located at the SEC Headquarters in Makati City and at all SEC extension offices will be closed by then. The commission will only accept over-the-counter transactions until January 31, 2023.
New policy in line with “ease of doing business” in PH
The shift to online payments is in line with the zero-contact policy and automation of business-related transactions as mandated by RA No. 11032, or the “Ease of Doing Business and Efficient Government Service Delivery Act of 2018.”
Launched on March 1, 2021, the eSPAYSEC is a web-based system that allows for the payment of fees and penalties to the commission online using debit and credit cards, digital wallets, and similar other cashless payment options.
To proceed, clients only need to enter the reference number provided in the Payment Assessment Form issued by the SEC, select a payment option, and then provide the required information.
Once the payment goes through, the system will generate an electronic official receipt, which clients will likewise receive through email.
The public may pay through the eSPAYSEC using debit and credit cards powered by Visa, Mastercard and JCB, as well as digital wallets GCash and Maya, for a minimal convenience fee.
Deal with LANDBANK and its online collection facility
The commission has also signed a deal with LANDBANK that would allow payments for SEC-related transactions to be made through its online collection facility in all of the bank’s 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 chairperson Emilio B. Aquino said in a press 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.
SEC’s commitment to sound and prudent use of public funds
The Commission’s commitment to implementing programs for the sound and prudent use of public funds has consistently been recognized by both local and international organizations.
From 2018 to 2021, the SEC has consistently been securing an unqualified or unmodified opinion from the Commission on Audit on the fairness of the presentation of its financial statements in accordance with the International Public Sector Accounting Standards. This is the longest streak of unqualified opinions received by the SEC for the past decade.
Earlier this year, the SEC 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 Association of Government Accountants of the Philippines (AGAP), upon nomination by the COA, has also since recognized the SEC Financial Management Department as 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.
The digitalization initiatives of the Commission have likewise earned recognition globally. Most recently, the International Data Corporation (IDC) named Mr. Aquino “Chief Executive of the Year’ in the Future Enterprise Awards Philippines 2022.
Mr. Aquino has been conferred the award for displaying exceptional planning and implementation of digital transformation initiatives, as demonstrated by the successful digitalization of the Commission’s core services under its SuperVision 2025 and Digital Transformation and Technology Modernization.