GenSan wants SEC satellite office

GENERAL SANTOS CITY (MindaNews / 29 April) – In a bid to enhance the city’s efforts to attract more new businesses and investments, the city council is pushing for the establishment of a satellite or extension office here of the Securities and Exchange Commission (SEC).

In a resolution, the council said the SEC should consider opening an office in the area to complement with its thriving economy as seen with the entry of major investments and the continuing expansions of various local industries.

It said the move will augur well with the emergence of Region 12 as a major economic player in the country.

“With the number of business establishments and investors in the city continually increasing, this council finds it necessary to put up a SEC satellite or extension office in the area,” the resolution said.

SEC, which was established in 1936 by virtue of the Commonwealth Act No. 83 or the Securities Act, is a government agency responsible for the regulation of the securities industry in the country.

It was tasked “to curb fraud, manipulation, and excesses in the stock market and protect the investing public from exploitation.”

City Councilor Brix Tan, who authored the resolution, said Tuesday the opening of an SEC unit in the city will ease the processing of securities-related requirements and enhance the implementation of the agency’s regulatory initiatives in the area.

He said businesses and concerned residents presently need to travel to Davao City, which is a three-hour bus ride from this city, for transactions with the SEC’s extension office.

Aside from Davao City, the SEC maintains extension offices in the cities of Zamboanga and Cagayan de Oro.

Should an SEC satellite or extension office be established in the city, Tan said it will support the commission’s enforcement and regulatory responsibilities and goals; perform enforcement investigations and inspections through its compliance and enforcement department; and support the work of its company registration and monitoring department.

He said the extension unit “shall have the powers and functions provided by the Securities Regulation Code; Presidential Decree No. 902-A, as amended; the Corporation Code; the Investment Houses Law; and the Financing Company Act, among others.

The SEC satellite or extension office’s functions shall include the registration of securities, analysis of every registered security and the evaluation of the financial condition and operations of applicants for security issue, he said.

For the purpose of economy and business enhancement, Tan said the SEC extension office will not only reach out and serve the city but also the entire Region 12.

“It will expand the agency’s customer base and bring its services closer to more customers by increasing accessibility to them,” he added.