SEC Launches New Digital Service for the Agriculture Sector
To support the agriculture and fisheries industry, President Bongbong Marcos led the launch of SEC’s new digital services during the agency’s 85th anniversary.
The Philippine Statistics Authority (PSA) reported last May that the value of agriculture and fisheries production recorded an annual growth of 2.1% in the first quarter of 2023 at constant 2018 prices. This number is very encouraging for the agriculture sector, as it seeks to continuously grow in the coming months and years.
For this to become a reality, the agriculture sector needs support from the government—which is exactly what the Securities and Exchange Commission (SEC) is providing.
In fact, the agency has launched a slew of digital services to coincide with its 85th anniversary, including one that caters specifically to the agriculture sector. These new digital services are as follows:
- Electronic Registry Application for Market Participants (eRAMP)
- Electronic SEC Education, Analysis, and Research Computing Hub (eSEARCH)
- Electronic SEC Universal Registration Environment (eSECURE)
- SEC API Marketplace
- SEC Check App 2.0
- Securing and Expanding Capital for Farms and Agri-business Related Modernization Schemes (SEC FARMS)
“With its efforts in leveraging digital technology, SEC has now been acknowledged as a digital leader and an ease of doing business champion,” says SEC Chairman Emilion Aquino. “It has been hailed as a Sustainability, ESG, and Green Finance Advocate, a Quality and Integrity Model plus so many other recognitions and titles.”
What is SEC FARMS?
Among the new digital services launched by the agency, the one that is geared specifically towards the agriculture sector is SEC FARMS, whose aim is to attract investments—particularly those that are agri-business related.
This new digital service will streamline requirements and procedures that agri-based companies should comply with. This especially applies to those companies that want to register securities for the purpose of raising capital for their agriculture projects.
It has been noted that applications can be approved within the span of 28 days from the date of filing. However, applications are still subject to the guidelines that have been set by the SEC.
How This is Beneficial for Agri-Based Companies
The launch of SEC FARMS is definitely positive news for agri-based companies here in the Philippines. The digital service will help them efficiently and conveniently register necessary securities in order to raise capital for their projects.
Having a service that streamlines all needed requirements and procedures will help avoid miscommunication and delays that may be detrimental to the launch and implementation of much-needed agriculture projects.
The launch of SEC FARMS shows the importance of a harmonious and cooperative relationship between the government and different businesses. It will be encouraging for agri-based companies to see the support that the government is giving the sector.