THE Securities and Exchange Commission (SEC) has approved more than 26,000 pending applications — mostly from the micro, small and medium enterprises (MSME) sector — for company registrations, capital stock increases, and the entry of new investors as part of efforts to reduce a backlog and improve ease of doing business in the country.
Newly installed SEC Chairman Francis Lim noted that MSMEs, which account for 99 percent of all businesses in the country and over 60 percent of jobs nationwide, “are not just participants in our economy.”
“You are its lifeblood — community builders, job creators, innovators,” he said during an MSME Development Week program last week.
The initiative, which was held in partnership with other government agencies and private institutions, gathered over 600 participants and featured learning sessions on business growth strategies, investment protection and capital-raising options.
The SEC also set up the “Juan-on-One Helpdesk” to provide direct assistance on SEC processes and capital-raising options and MSMEs were given booth space under the “Juan Negosyo Lane” to showcase their products.
Recognizing the financing challenges MSMEs face, Lim said that tapping the capital market was a viable alternative to traditional lending.
The capital markets, he said, “opens doors beyond traditional bank loans. It can help you raise the funds you need to expand, innovate, and compete globally.”
The SEC recentloy halved its fees for requesting copies of corporate documents to further reduce regulatory hurdles. A separate policy to reduce filing fees for capital-raising activities is being crafted.
It also plans to expand the scope of industries eligible for its One Day Submission and Electronic Registration of Companies (OneSEC) facility, from the current 33 sectors, allowing more firms to complete registration within one day.
Lim said the SEC would also promote RA 11057, or the Personal Property Security Act, which allows businesses to use receivables as collateral to secure financing.
“We look forward to seeing more MSMEs not just surviving, but thriving — and, one day, taking the next big leap by listing on our SME Board,” he said.
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