SEC to unveil new company registration system
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The Securities and Exchange Commission (SEC) said it will migrate by April 19 to a new company registration portal called the electronic simplified processing of application for registration of company (eSPARC).
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The Web-based system will accept new applications for registration of One Person Corporations (OPC), corporations with two to four incorporators, as well as regular domestic and foreign-owned corporations both stock and non-stock.
“With eSPARC, our goal is to provide users with a complete, end-to-end company registration system linked to a unified and centralized company information database that will simplify the company registration process while also refining how we process information,” SEC chairperson Emilio Aquino said in a statement Tuesday, April 6.
MANILA, April 4 (Bloomberg): The Philippines will now require all financing and lending companies to register with the Anti-Money Laundering Council, report suspicious transactions and comply with other rules aimed at combating money laundering and terrorism financing in the country.
The rules previously applied only to financing and lending firms with more than 40% foreign participation in voting stocks and those with paid-up capital of at least 10 million pesos ($206,100). The amendment aims to protect financing and lending companies from abuse and misuse by money launders and terrorists, and more importantly the integrity of the financial system, the overall economy and the people who would ultimately suffer from such illicit activities,” Securities and Exchange Commission Chairman Emilio Aquino said in a statement on Sunday.
Published March 16, 2021, 1:39 PM
The memorandum of understanding (MOU) for the Philippines’ participation in the United Kingdom’s Cross-Government Prosperity Fund signed. (From left) Finance Secretary Carlos Dominguez III, British Ambassador Daniel Pruce, Bangko Sentral ng Pilipinas (BSP) Governor Benjamin Diokno, Securities and Exchange Commission (SEC) Chairman Emilio Aquino, and Insurance Commissioner Dennis Funa. The BSP, SEC and the Insurance Commission (IC) are co-lead agencies of the Department of Finance (DOF) in the implementation of the work packages under the MOU.
The Philippines and the United Kingdom (UK) have signed a memorandum of understanding (MOU) for Manila’s participation in the Cross-Government Prosperity Fund that aims to support the country’s inclusive and sustainable growth.
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