COMPANY registrations rose to a record high in 2022, the Securities and Exchange Commission (SEC) said.
The SEC logged a record-high 42,926 corporate registrations last year, 13% higher than the 38,052 registrations in 2021, it said in a statement over a weekend.
Company registrations grew by 67% in 2021 following the gradual recovery of the business sector from the pandemic in 2020, the SEC said.
The surge in corporate registrations could be attributed to the launch of the SEC’s digital services, the regulator said.
“The digital transformation of the SEC was inspired by our vision for a company registration process that can be completed with ease and convenience, transactions that are safe and secure, and corporate data that are easily accessible,” SEC Chairperson Emilio B. Aquino said.
“This vision is slowly becoming a reality, thanks to our stakeholders who have also adapted well and embraced digital transformation as part of their business strategies. The SEC will continue to develop its goals toward digitalization to further push the business sector toward its best,” he added.
Some of the SEC’s digital services include the electronic simplified processing of application for registration of companies (eSPARC), and its subsystem, the one-day submission and electronic registration of companies (OneSEC).
“With eSPARC, the SEC was able to reduce the company registration process from 16 steps in 34 days to three days. The process is even faster with the use of OneSEC, with a record processing time of one minute and 14 seconds from the start of application to the receipt of a digital certificate of incorporation,” it said.
Other SEC digital services include the electronic system for payments, online submission of reportorial requirements such as annual financial statements and general information sheets, and the electronic SEC universal registration environment that allows users to manage their SEC accounts and online transactions in one place.
The rise in business formation is expected to support the economy, the SEC said.
“As more Filipinos realize their entrepreneurial aspirations through the corporate vehicle, we expect more and better employment opportunities for our countrymen across the archipelago and ultimately a more comfortable and secure life for everyone,” Mr. Aquino said. — RMDO