CEBU CITY, Philippines—In accordance with the government’s response to the coronavirus 2019 pandemic, the Securities and Exchange Commission (SEC) has transferred P2 billion from its accounts to the Bureau of Treasury.
According to an emailed press release from SEC, the move aims to augment the government’s war chest in tackling COVID-19.
“A pandemic that has brought the world to a standstill, disrupted businesses and livelihoods, and caused the loss of lives calls for a collective response from all sectors,” SEC chairperson Emilio Aquino said.
The SEC made the contribution in accordance with Section 4(v) of Republic Act No. 11469, otherwise known as the Bayanihan to Heal as One Act, and the directive of the Department of Finance.
The Commission has been proactively responding to the public health emergency that later escalated into a national emergency, in line with the President’s directives and the provisions of the Bayanihan to Heal as One Act.
“The SEC has moved into position for the country’s fight against COVID-19. Aside from supporting other government agencies on the frontlines, we have worked on buttressing the corporate sector, capital market and investing public, which are crucial in the resilience of our economy and, more importantly, of the Filipino people,” Aquino pointed out.
Among others, the SEC has extended regulatory relief to corporations and other entities under its supervision by moving statutory deadlines and easing requirements and procedures.
The commission has also sustained the delivery of services to its stakeholders, including enforcement efforts against unscrupulous members of the corporate sector. It has recently identified 14 groups engaged in unauthorized investment schemes.
Section 6 of the Bayanihan to Heal As One Act has strengthened the commission’s enforcement efforts against cyber incidents that take advantage of the current crisis to prey on the public through scams, phising, fraudulent emails, or other similar acts. Those participating in such online activities face the punishment of imprisonment for two months or a maximum fine of P1 million or both.
“The SEC has answered the call and will continue to support the fight against COVID-19,” Chairperson Aquino said. “From its position – as overseer of the corporate sector, independent guardian of the capital market and champion of investor protection – the SEC recognizes and stands prepared to play its role in cushioning the impact of the pandemic and steering the economy toward recovery.” / dcb