SEC ramps up investor protection program

MANILA, Philippines — The Securities and Exchange Commission (SEC) is ramping up efforts to strengthen investor protection and ease of doing business in the country.

The commission said that it has opened a physical helpdesk that would cater to public inquiries and concerns in a bid to streamline processes and improve the efficiency of its services.

To facilitate public consultation and provide prompt responses to concerns, a Public Assistance and Complaints Desk (PACD) was opened on the ground floor of the SEC headquarters in Makati City to handle on-site client inquiries, feedback and complaints.

“The opening of PACD demonstrates the commission’s commitment to advancing the ease of doing business in the Philippines as we provide the public with greater transparency and access to our services,” SEC chairperson Francis Lim said.

Lim said that vital in earning the public’s trust and confidence in the SEC is the provision of quality and faster services. 

“As we directly engage with clients through the helpdesk, we hope to encourage more businesses to register with the SEC and tap the capital market for growth,” he said.

The PACD will be operational even during breaktime and special lanes will be provided for senior citizens, pregnant women and persons with disabilities.

To empower Filipinos and protect  them against financial fraud, the SEC also  joined the Financial Sector Forum (FSF) in an intensified online campaign.

Composed of the SEC, Bangko Sentral ng Pilipinas, Insurance Commission and the Philippine Deposit Insurance Corp., the FSF formally relaunched the protect your money (PYM) campaign to shift its strategy of promoting financial literacy and investor protection to digital platforms.

The PYM campaign revival is in recognition of the increasing number of online scams, fraudulent investment schemes and digital financial threats that target vulnerable groups such as students, overseas Filipino workers, senior citizens and informal workers.

“As these fraudulent schemes continue to evolve, so too must our responses. If scams are now being promoted through viral content and deceptive online communities, then investor protection efforts must likewise go where the public is – on their screens and in their feeds,” Lim said.

Lim saidthe SEC will also continue to push for the enactment of the Capital Market Development Act, which seeks to institutionalize financial literacy by incorporating such lessons in the educational system.  

The SEC has been spearheading financial literacy campaigns as part of its mandate to protect the investing public from fraudulent investments.