The Securities and Exchange Commission (SEC) experienced a notable surge in company registrations during the year 2022, achieving a historic high that can be attributed to the successful implementation of our digital transformation initiative aimed at enhancing the business environment.
In 2022, the SEC documented a total of 42,926 corporate registrations, marking a significant 13 percent increase from the 38,052 registrations observed in the preceding year. This milestone stands as the highest number of registrations in the SEC’s 85-year history as the nation’s premier company registrar.
The year 2021 witnessed a remarkable 67 percent spike in company registrations, reflecting the gradual recovery of the business sector from the challenges posed by the pandemic in 2020.
The noteworthy upswing in corporate registrations is attributed to the deployment of digital services since 2021, effectively streamlining the business establishment process in the country.
SEC Chair Emilio Aquino conveyed the motivation behind the SEC’s digital transformation, stating, “The digital evolution of the SEC was fueled by our vision for a company registration process characterized by ease and convenience, secure transactions, and readily accessible corporate data.” He further emphasized that this vision is progressively materializing, thanks to the positive response and adaptation to digital transformation by stakeholders. The SEC remains committed to advancing its digitalization goals to propel the business sector toward optimal efficiency.
Recognizing the impact of increased business formations, the SEC aligns with the government’s optimistic economic outlook. Aquino highlighted, “As more Filipinos actualize their entrepreneurial aspirations through corporate entities, we anticipate a proliferation of enhanced employment opportunities nationwide, contributing to a more comfortable and secure life for all.”
In conclusion, the SEC’s dedication to digital innovation has proven instrumental in fostering a conducive environment for business growth, aligning with broader economic objectives and the betterment of the national workforce.