CAGAYAN DE ORO CITY (PIA)--The Securities and Exchange Commission – Cagayan de Oro (SEC-CDO) Extension Office recorded a total of 1, 598 incorporations in Northern Mindanao and CARAGA in 2023.

These covered 819 stock corporations, 690 non-stock corporations, and 89 partnerships. 

This milestone was attributable to the Commission’s digital transformation in establishing the Electronic Simplified Processing of Application for Registration of Company (eSPARC) in April 2021. The online platform has made company registration in the SEC easier and more convenient.

In terms of collection, SEC-CDOEO recorded a total of P41.47 million, 48 percent higher compared to P27.98 million collected in 2022. It was also due to the availment of corporations to the issuance of amnesty grants to all corporations issued through Memorandum Circular No. 2 series of 2023. 

“The transition to the online platform has really made company registrations today more efficient and easy. The ESPARC platform is designed to be user-friendly, even for those needing technical assistance. This pursuit aligns with the Ease of Doing Business Act, aiming to streamline government service systems and procedures," said Lawyer Frederick A. Enopia, director of SEC–CDOEO.

The Commission, in general, has hit a new high record of 49,473 firms for 2023, surpassing the 42,925 incorporations in 2022. 

Aside from the ESPARC online registration platform, SEC has shifted to its digital submission of reports through the Electronic Filing and Submission Tool (Efast). 

With eFAST, the SEC has shifted completely the submission of the Annual Financial Statement (AFS) and General Information Sheet (GIS) online in two years. The AFS submitted via eFAST grew by 209 percent from 2021 to 2022, while GIS submissions jumped by 297 percent in the same period. 

With the advent of these digital platforms, the SEC-CDOEO has continuously exerted efforts to address the challenges of technological advancements and adaptation by conducting seminar workshops with concerned sectors on registering their companies with the SEC.

“As we adapt in this digital age, we are also aware of those sectors that need assistance in this transition. We tap government and private agencies too to become our partners in ensuring that no one will be left behind since it will never be easy for all of us,” Enopia added. (SEC CDO/PIA-10)