(Pleasantries)
Thank you for inviting me to participate in celebrating the 83rd anniversary of the Securities and Exchange Commission.
The SEC plays an indispensable role in making the country safe for business and protecting our citizens from unscrupulous racketeers. The Commission is not just a regulator of enterprises, but also an enabler of the enterprising.
In the latest global report on the ease of doing business by the World Bank, the Philippines improved 29 notches above from the previous year. This is no mean achievement. All countries, especially the emerging economies, are trying hard to adopt best practices in making business easier and improving corporate governance. The major improvement in the business environment noted in this report is a resounding testimony to the good work put in by the men and women of the SEC.
It is worthy of note, as well, that the Commission has won membership in the prestigious International Forum of Independent Audit Regulators. This gives our professionals the opportunity to work with and learn from international counterparts.
The SEC has also been awarded International Standards of Accounting and Reporting Honors by the United Nations Conference on Trade and Development (UNCTAD). This is recognition for the exemplary work put in by the Commission in the promotion of good corporate governance and sustainable business practices.
We cannot rest on our laurels, however. There is much work to be done for the country to rank at the top ranks for ease of doing business. This is indispensable for attracting investments into our economy and building inclusive development for our people.
Three years ago, when I spoke before you on the 80th anniversary of the SEC, I set out several tasks to be accomplished during our watch. Among these are: 1) to dramatically improve the business climate and make out policies and procedures hospitable to start-ups; 2) to move up the rankings in the Ease of Doing Business Report; 3) to act promptly and effectively against investment scams, insider trading and money laundering; 4) to further streamline procedures and deploy more information technology to enhance the Commission’s capacity in delivering on its mission; and, 5) to rapidly develop the Credit Information Corporation database to enable small businesses to better access financial services from the capital market.
I am happy to note that the SEC has substantially delivered on these areas of concern.
Moreover, through the SEC’s perseverance, the Revised Corporation Code has been enacted. This landmark piece of legislation provides a fresh legal framework for the Philippine corporate sector and a stronger mandate for the SEC.
The SEC’s intensified campaign against investment scams also produced remarkable results, including the filing of criminal complaints against KAPA, the revocation of the registration of Organico Agribusiness Ventures Corporation and the delisting of agri-business firm Calata Corporation.
There is much more to be done to prepare our economy and business environment for the many challenges of the Fourth Industrial Revolution. I am confident that the men and women who devote their talents to help the SEC fulfill its mission will continue delivering the reforms we urgently need.
I am grateful to all of you and wish you another successful year as a frontline institution in building our country’s competitiveness.
Thank you.
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