By Hannah L. Torregoza
Nancy Binay on Thursday urged Securities and Exchange Commission (SEC) officials to consider shifting back to manual registration in order fast-track the release of certificates of registration of companies.
Binay said she is wondering why there is a delay in the release of these certificates considering that the SEC has launched an online registration system to expedite application processes filed by companies.
She said the SEC should explain the cause of the heavy delay as it is unacceptable to make taxpayers wait for more than a month when the processing of certificates can be finished in three days.
“Our taxpayers deserve better. The SEC especially should be in the forefront of promoting good corporate governance and investor protection,” Binay said in a statement.
Binay noted that the SEC has launched an online registration system for early registration of corporations in the country last year.
But during an inquiry by the Senate committee on banks, financial institutions and currencies, SEC’s company registration and monitoring department admitted that the commission still has a backlog of 5,378 new applications.