SEC to implement digital registration, payments

CAGAYAN DE ORO CITY - The Securities and Exchange Commission (SEC) here said it will do away with physical transactions in favor of online transactions starting next month.

Jesher M. Radaza, SEC regional supervising administrative officer, said: “This coming February ang SEC, dili na siya mudawat og payment sa filing fee, tanan nga payments will be done online. So magbayad ta sa atong filing fee, pinaagi sa PayMaya or Gcash, ug sa Landbank offices.”

Radaza said the SEC – which regulates the capital market - is always innovating in terms of systems for registrations and investigations. “It means that the SEC will register all individuals who will solicit public investments, and it will also be authorized to grant legal personalities in accordance with the provisions of the revised corporation code,” he said.

He said in addition to registering as a corporation, the company will also need to get another application from the SEC if it wants to ask the public for money. “Dili siya pwede nga kay corporation na, diretso na sila mag-solicit og investments. So kailangan sila magkuha og secondary license, otherwise, their solicitation is unauthorized. Mao dayon nang mu-come in na dayon ang investment scam kay dili man registered sa SEC,” Radaza said.

Most investment opportunities right now are digitized, including the transfer of money, through online, according to Radaza,

He said there is a mobile application where one can invest, provided the site or the entity is registered with the SEC. “We have to check with the SEC. We have to investigate. Sometimes there are investment opportunities we think are opportunities, but money will disappear because it is not registered. Those who created the site are investment scammers. We need to be careful when we invest," he said.

“Bisan gali og wala'y kwarta, ma-scam gihapon, kay if you don't have money unya naa kay gadget, ignon gihapon ka sa scammer nga why not pawn your gadget, para makakwarta ka, para maka-invest ka, so tanan vulnerable,” Radaza said. (Jasper Marie Rucat)