SEC cancels face-to-face transactions due to COVID-19

MANILA, Philippines — The Securities and Exchange Commission (SEC) is canceling face-to-face transactions to avoid further spread of COVID.

The Philippine Stock Exchange (PSE) will again shorten trading hours from Jan. 14 to 31.

Starting Jan. 13, the SEC will implement a zero face-to-face transaction policy in its main office in Pasay and former headquarters in Mandaluyong City.

All applications for company registration, submissions of reportorial requirements, and other transactions in the two offices will be processed through its online portals, email, courier, and other remote means, the SEC said in an advisory yesterday.

“The adoption of the zero face-to-face setup is in compliance with Republic Act 11032, otherwise known as the Ease of Doing Business Law, as the SEC seeks to effectively avoid further spread of COVID-19 in the workplace,” the SEC said.

Those who need to transact with the PSE are advised to use online platforms. For instance, for the registration of domestic stock and non-stock corporations and for the recording of partnerships and licenses to do business for foreign corporations, applicants may use the Electronic Simplified Processing of Application for Registration of Company.

Applicants may also use the One-day Submission and E-registration of Companies under the eSPARC for the registration of domestic stock corporations, which may be one person corporations or corporations with two to 15 incorporators, board of directors and stockholders.

Submissions of annual financial statements (AFS) and general information sheet (GIS) may be done through the Electronic Filing and Submission Tool (eFAST).

In an advisory, PSE president and CEO Ramon Monzon said the shortened trading hours would run from 9:30 a.m. to 1 p.m.

“We will await further updates from the IATF-DOH on the status of Covid cases and quarantine situation in Metro Manila a few days before Jan. 31 and make the appropriate announcement on PSE’s trading hours after said date,” Monzon said.

The shortened trading schedule was first implemented in 2020 in response to the onslaught of the pandemic.

Last Dec. 6, the PSE reverted to the original pre-pandemic trading hours or from 9:30 a.m to 3 p.m. with a break from 12 noon to 1 p.m.

Since the start of 2022, however, the Omicron COVID-19 variant has been sweeping the National Capital Region and nearby provinces, prompting companies, government agencies, schools, banks and others institutions to revert to a work-from-home setup as has been implemented last year.