The Securities and Exchange Commission (SEC) said it is easing the registration procedure for agriculture-related firms in a bid to encourage more investments in the sector.
Emilio Aquino, SEC chairman, said in line with the government’s priority programs on food security and agriculture, the program Securing and Expanding Capital for Farms and Agri-business Related Modernization Schemes (SEC FARMS) will streamline the requirements and procedures for agri-based companies registering securities for the purpose of raising capital for agriculture projects.
Applications can be approved within 28 days from filing with the SEC, subject to the guidelines set by the SEC according to Aquino.
Under SEC FARMS, agriculture firms can raise up to P500 million per project.
“SEC FARMS is in line with ‘Masaganang Agrikultura, Maunlad na Ekonomiya’, the President’s (Marcos) strategic program focused on farm consolidation, modernization, industrialization, and professionalization in order to attract private sector investment in the agricultural sector,” the SEC said in a statement.
“The initiative expands available investment opportunities for Filipinos working both locally and abroad. It is envisioned to help overseas Filipino workers (OFWs), who are notoriously targeted by scammers into investing their hard-earned money into fraudulent investment schemes, to avail of sound and legitimate investments available in the market,” it added.
Aquino announced the initiative during the launch of SEC’s l e-services for ease of doing business, attended by Marcos.
The digital services will make the registration and monitoring of corporations even easier across the country, along with a capital market initiative that will allow for more investments in the agriculture sector.
Meanwhile, Marcos told the SEC to help the administration in promoting the Philippines as an investment destination and to sustain efforts to promote ease of doing business and bring a comfortable life to Filipinos.
The President, in addressing the 85th anniversary of the SEC, recognized the various accomplishments and contributions of the agency, especially in moving the economy and promoting investments over the years.
Marcos urged the SEC to continue to do its share in promoting the country’s further growth, and creating an environment where businesses will thrive so that they “will also become agents of our economic and social transformation.”
“While I am pleased with the milestones that we celebrate today, there remain some challenges ahead of us. So, I call on the good people that make up the SEC: Let us use all the successes to further promote ease of doing business and to actively contribute to our overall goal of bringing a comfortable life to our people,” he said.
He also urged the SEC to continue efforts to digitalize its services and further invigorate its advocacy for sustainable finance and good corporate governance.
“I know that I can count on each of you to help promote our country as an investment destination — one that is safe, that is orderly, and proactive; and one that can uphold the rights and welfare of our investors and consumers to their mutual benefits. I look forward to the succeeding years when more and more local businesses will reach even greater heights for a more robust and equitable economy. Let us remain united. Let us continue to support one another as we strive to build a prosperous, inclusive, and resilient Philippines,” he added.
During the event, the President acknowledged the dedication of all SEC employees and personnel in improving the efficiency and impact of their work, as he recognized the agency for being a reliable regulator of corporate and capital markets and a staunch protector of the people and their investments.
Marcos said the SEC helped create an environment that benefits the business and investment sectors as well as promoted digital transformation which is integral in fostering business formation and growth.
He said the digital reforms adopted by the SEC had made corporations comply with the requirements and maintain good standing in the business community.
These include the eSECURE, eSEARCH, eRAMP and SEC CheckApp that contribute to government efforts to digitize procedures and services, he added.
The President also said the SEC is recognized for its good corporate governance not only from the local institutions but also from international organizations, such as the Cambridge International Finance Advisory, and the United Nations Conference on Trade and Development and International Data Corporation Future Enterprise. – Ruelle Castro and Jocelyn Montemayor
