SEC to Go Fully Online Transactions by February 2023

Editing by Nathaniel Cajuday

• The Securities and Exchange Commission (SEC) will only accept online payments starting February 2022.
• The move is part of the SEC’s efforts to implement a zero face-to-face transaction policy.
• The SEC accepts online payments through its Electronic System for Payments to the SEC (eSPAYSEC) and the Land Bank of the Philippines (Landbank).

Beginning February next year, the Securities and Exchange Commission (SEC) will only accept payments made online through the Electronic System for Payments to the SEC (eSPAYSEC) and through the Land Bank of the Philippines (Landbank) as part of its efforts to implement a zero face-to-face transaction policy in line with Republic Act 11032, or the Ease of Doing Business and Efficient Government Service Delivery Act of 2018.

According to the Commission, its cashier’s office, located at the SEC headquarters in Makati City, and all SEC extensions will only be accepting over-the-counter transactions until January 31, 2023. These offices will be permanently closed starting on February 1 to give way to the new policy.

“The shift to online and offsite payments furthers our unwavering commitment to ensuring the transparent and efficient management of our funds,” SEC Chairperson Emilio Aquino said in a statement.

He also highlighted that the shift “complements the transacting public’s pivot to cashless transactions and the national government’s push for the digital transformation of public services to improve the ease of doing business in the Philippines, as in the case of the SEC.”

The eSPAYSEC is a web-based system launched on March 1, 2021, that allows the payment of fees and penalties to the SEC online using debit and credit cards, digital wallets, and other cashless payment options.

For its Landbank partnership, the regulatory agency has already signed a memorandum of agreement with the bank that will allow payments for SEC-related transactions to be made through its Online Collection (OnColl) facility in all 609 of its branches nationwide. 

Currently, the Commission and Landbank are also looking to expand their contactless payment options for SEC-related transactions through the bank’s web-based payment channel.

And to ensure that the transactions within these online methods are pushed through, customers will receive an official electronic receipt through email. Clients just need to enter the reference number provided in the payment assessment form issued, select a payment option, and then provide the required information. After then, they can pay through VISA, Mastercard, GCash, Maya, and other available options. 

The SEC has been active in connecting with the public online, releasing public advisories against unlicensed entities, and making forms and services available on its website. 

Check out the articles about the Commission prepared by BitPinas here.

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