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Tuesday, July 16, 2024

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    SEC CDO implements digital registration, payments

    by Jasper Marie O. Rucat

    CAGAYAN DE ORO CITY (PIA)–The Securities and Exchange Commission (SEC)-10 will phase out face-to-face transactions in favor of online transactions beginning in February 2023, according to an official speaking at Talakayan sa PIA, a media forum held at SM CDO Downtown Premier.

    “This coming February ang SEC, dili na siya mudawat og payment sa filing fee, tanan nga payments will be done online. So magbayad ta sa atong filing fee, pinaagi sa PayMaya or Gcash, ug sa Landbank offices,” said Jesher M. Radaza, SEC-10 supervising administrative officer.

    (This coming February, the SEC will not accept payments for filing fees; all payments will be done online. So when we pay for our filing fee, it will be through PayMaya, Gcash, and Landbank offices)

    Radaza said the commission is always innovating in terms of systems for registrations and investigations.

    The SEC regulates the capital market. It means that the SEC will register all individuals who will solicit public investments, and it will also be authorized to grant legal personalities in accordance with the provisions of the revised corporation code.

    Radaza said that in addition to registering as a corporation, the company will also need to get another application from the SEC if it wants to ask the public for money.

    “Dili siya pwede nga kay corporation na, diretso na sila mag-solicit og investments. So kailangan sila magkuha og secondary license, otherwise, their solicitation is unauthorized. Mao dayon nang mu-come in na dayon ang investment scam kay dili man registered sa SEC,” he said.

    (It does not mean that because it is a corporation, they can solicit investments. So they need to get a secondary license, otherwise, their solicitation is unauthorized. That is where the investment scam comes in because it is not registered with the SEC)

    Most investment opportunities right now are digitized, including the transfer of money, through online, he added.

    Using a cellphone, there is a mobile application where one can invest, provided the site or the entity is registered with the SEC.

    “We have to check with the SEC. We have to investigate. Sometimes there are investment opportunities we think are opportunities, but money will disappear because it is not registered. Those who created the site are investment scammers. We need to be careful when we invest,” he said.

    According to Section 10, there is no age limit for being vulnerable to scams; as long as the person has the money, he or she can be scammed.

    “Bisan gali og wala’y kwarta, ma-scam gihapon, kay if you don’t have money unya naa kay gadget, ignon gihapon ka sa scammer nga why not pawn your gadget, para makakwarta ka, para maka-invest ka, so tanan vulnerable,” Radaza said.

    (Even those who do not have money can be scammed because if you do not have money but have a gadget, the scammer will tell you why not pawn your gadget so that you can get money to invest, so everyone is vulnerable). (JMOR/PIA-10)



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