The Securities and Exchange Commission (SEC) is moving its payment channels online and offsite by February 1, 2023, as it continues to implement a zero face-toface transaction policy.
In a notice dated December 14, the Commission announced that all payments will be accepted only through the Electronic System for Payments to the SEC (eSPAYSEC) at email@example.com, or at any branch of the Land Bank of the Philippines (LANDBANK) nationwide, starting February 1, 2023.
Accordingly, the Cashier’s Office located at the SEC Headquarters in Makati City and at all SEC Extension Offices will be closed by then. The Commission will only accept over-the-counter transactions until January 31, 2023.
The shift to online payments is in line with the zero-contact policy and automation of business-related transactions mandated by Republic Act No. 11032, or the Ease of Doing Business and Efficient Government Service Delivery Act of 2018. Launched on March 1, 2021, the eSPAYSEC is a web-based system that allows for the payment of fees and penalties to the Commission online using debit and credit cards, digital wallets, and other cashless payment options. To proceed, clients only need to enter the reference number provided in the Payment Assessment Form issued by the SEC, select a payment option, then provide the required information. Once the payment goes through, the system will generate an electronic official receipt, which clients will likewise receive through email. The public may pay through the eSPAYSEC using debit and credit cards powered by Visa, Mastercard and JCB, as well as digital wallets GCash and Maya, for a minimal convenience fee. The SEC also recently signed a deal with LANDBANK that will allow payments for SEC-related transactions to be made through its Online Collection facility in all 609 branches nationwide.
“The shift to online and offsite payments furthers our unwavering commitment to ensuring the transparent and efficient management of our funds, as transaction fees and any other amounts that we collect will directly be deposited to and immediately be reflected on the Commission’s accounts,” SEC Chairperson Emilio B. Aquino said. “This also complements the transacting public’s pivot to cashless transactions, and the national government’s push for the digital transformation of public services to improve ease of doing business in the Philippines, as in the case of the SEC.”
The Commission’s commitment to implementing programs for the sound and prudent use of public funds has consistently been recognized by both local and international organizations. From 2018 to 2021, the SEC consistently secured an unqualified or unmodified opinion from the Commission on Audit (COA) on the fairness of the presentation of its financial statements in accordance with the International Public Sector Accounting Standards. This is the longest streak of unqualified opinions received by the Commission for the past decade. Earlier this year, the SEC was conferred the 3G Transparency Award by Londonbased Cambridge International Financial Advisory, which recognizes an organization with the most rigorous and transparent reporting on financials, governance and strategy. Also, the Association of Government Accountants of the Philippines, upon nomination by the COA, recognized the SEC Financial Management Department as one of the Outstanding Accounting Offices for 2021, for the quality, timeliness and accuracy of the financial reports of the Commission.
In 2019, the SEC was likewise cited by the then Presidential Anti-Corruption Commission for curtailing corruption in the government by automating its company registration system. The digitalization initiatives of the Commission have likewise earned recognitions globally. Most recently, International Data Corporation named Mr. Aquino Chief Executive of the Year in the Future Enterprise Awards Philippines 2022 for displaying exceptional planning and implementation of digital transformation initiatives, as demonstrated by the successful digitalization of the Commission’s core services under its SuperVision 2025 and Digital Transformation and Technology Modernization.