DOF, SEC ink data sharing deal

MANILA, Philippines - The Department of Finance and the Securities and Exchange Commission have inked a data sharing agreement, allowing the DOF to seamlessly tap into the corporate watchdog’s extensive database.

The agreement, signed last Nov. 17, allows both parties to institutionalize data sharing and information exchange as part of efforts to fill gaps in regulatory oversight.

It covers all basic company information contained in the general information sheets as well as all financial data filed by companies under the SEC’s supervision.

The SEC has jurisdiction over all corporations, partnerships or associations which are grantees of primary franchises, licenses, or permits issued by the government.

The DOF, for its part, will utilize available data for its internal use in order to enhance policy formulation, research, risk analysis and audit profiling of businesses.

The deal is also in line with efforts to strengthen the country’s fiscal position and plug foregone tax revenues from individuals concealing incomes and assets.

“We fully believe in using every tool and resource available in this digital age to enhance our government’s capacity to serve the Filipino people,” Finance Secretary Cesar Purisima said.

“Instant access to and effective management of information is critical to DOF’s mission to enable the country to stand on a stronger fiscal position, if only to use these resources to empower the least in our society to stand on their own as well,” he added.

SEC chairperson Teresita Herbosa, for her part, said: “We are delighted that information available to SEC can support the Department of Finance in carrying out their mandates and our shared responsibility to build a stronger, more resilient economy under a good governance framework.”