Philippines SEC to Accept Only Digital Payments After February 2023by Fintech News Philippines December 22, 2022
The Securities and Exchange Commission (SEC) announced that it will be making a complete shift towards digital payments by 1 February 2023.
The public will have to use the eSPAYSEC that was launched in March last year to make payment of fees and penalties to the commission.
To make a payment, users will need to enter the reference number provided in the Payment Assessment Form issued by the SEC, select a payment option, then provide the required information.
Once the payment goes through, the system will generate an electronic official receipt, which they will likewise receive through email.
The public may pay using debit and credit cards powered by Visa, Mastercard and JCB, as well as digital wallets GCash and Maya for a fee.
The SEC also recently signed a deal with LANDBANK that will allow payments for SEC-related transactions to be made through its online collection facility at all 609 branches nationwide.
The commission will only accept over-the-counter transactions until 31 January 2023.
This move is in line with the mandated zero face-to-face transaction policy as well as the automation of business-related transactions.
“The shift to online and offsite payments furthers our unwavering commitment to ensuring the transparent and efficient management of our funds, as transaction fees and any other amounts that we collect will directly be deposited to and immediately be reflected on the Commission’s accounts.
This also complements the transacting public’s pivot to cashless transactions, and the national government’s push for the digital transformation of public services to improve ease of doing business in the Philippines, as in the case of the SEC.”
said Emilio B. Aquino, SEC’s Chairperson.