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News and Events » SEC's IBRS hits record-high approval

Less than a month since it was rolled out, the newly operational Integrated Business Registry System (IBRS) of the Securities and Exchange Commission (SEC) pushed the number of approved incorporation in a day to record levels.
Data showed that IBRS, a flagship initiative handled by the SEC, has outperformed expectations during its initial roll-out by processing and approving 84.22 percent of corporations within one business day, while applications not needing secondary licenses have a success rate of 96.87 percent.
These were achieved through synergizing government transactions as well as establishing the technological infrastructure to support inter-connectivity across national, local, and social agencies.
Incorporation at the SEC now includes registration with the social agencies like Pag-IBIG, Philippine Health Insurance Corp. (PhilHealth), and the Social Security System (SSS), within a single step.
Of the 1,160 total applications processed from 15 to 30 April 2015, 626 corporations or 53.97 percent were approved within eight hours, while the 351 corporations or 30.26 percent got their approvals within one business day. This brings the total number of corporations processed within one day to 977.
SEC Chairperson Teresita Herbosa said SEC is expecting the figures to reach a consistent 100 percent as the agency masters the systems and processes.
“The IBRS is an innovation in governance; we are encouraged by the results and will work harder to make starting a business here in the Philippines simpler, quicker, and better,” she added.
SEC is an attached agency under the Department of Finance.
Finance Secretary Cesar V. Purisima, who led the reform, said the establishment of IBRS forms part of the agency’s initiatives in shaping a more competitive corporate environment in the Philippines.
“The SEC proved how it can deliver on single-day integrated incorporation with social agencies, whether the applicant is a charitable institution, a camera club, or a huge foreign bank. Reform and its benefits do not discriminate; everyone wins,” Purisima said.
“Expect to see more as we continue to roll our Ease of Doing Business reforms out,” he added.
The SEC previously had a Green Lane Unit in late 2014 where most applications were approved within 1 business day.
Merely two weeks ago, the SEC has taken further step to make a more favorable corporate environment in the country, with a move to implement an even considerate disciplinary measure against delinquent companies who doesn’t observe transparency.
Under the law, the SEC has the power to suspend, or revoke, after proper notice and hearing, the certificate of registration of corporations when they fail to comply with Sections 141 and 26 of Corporation Code, which requires them to file an annual report of corporation and submit their report of election of directors, trustees and officers, respectively.
But in the recent meeting of the Commission, the chairperson, commissioners, and directors of the country’s corporate watchdog decided to just issue an order of suspension, instead of order of revocation, against corporations who failed to comply with the SEC reportorial requirements for five consecutive years and against those who failed to comply with the notice of deficiencies sent by the commission.
Read more at http://www.mb.com.ph/secs-ibrs-hits-record-high-approval/#A6RctOGIkQr4BJxY.99

Source: http://www.mb.com.ph/secs-ibrs-hits-record-high-approval/

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