The Philippines’ Securities and Exchange Commission (SEC) has introduced its online payment system for firms so they can easily pay their registration fees.
The new SEC Payment Portal is a web-based system that can accept payment for registrations, transaction fees, and penalties by simply using debit or credit cards, digital wallets and other cashless payment methods.
In order to make payments via the portal, users must enter the reference number provided in the Payment Assessment Form that has been issued by the nation’s SEC, select an appropriate payment option, and then provide the required details.
To ensure that digital payments made via the SEC Payment Portal are secure, users will be getting a one-time pin to the cellphone numbers linked or associated with their bank accounts or online wallets.
After the payment has been confirmed, the online system will generate a digital receipt, which clients will receive via an email.
The SEC Payment Portal takes debit and credit cards that are powered by JCB, Mastercard, and Visa, and supported by PayMaya wallets as well. Other payment methods may be introduced in the future.
The Commission stated that it would continue to accept and process payments via its main, extension and satellite business offices.
Consumers in the Philippines may pay registration and other transaction fees over the counter at certain physical branches (Land Bank of the Philippines), and they can pay online as well via Land Bank’s e-payment portal.
SEC Chairperson Emilio B. Aquino stated:
“With the SEC Payment Portal, corporations and other stakeholders can conveniently and securely pay registration and other fees anytime and anywhere. The online payment system is just among the many initiatives under the Commission’s ongoing digital transformation aimed at further improving the ease of doing business in the country.”
The Bangko Sentral ng Pilipinas (BSP), the nation’s reserve bank, has introduced the Payments and Currency Management Sector (PCMS) which is an entity that is focused on managing the interplay of physical currency and electronic money in order to better support an evolving digital payments ecosystem.
The PCMS division will be led by Deputy Governor Mamerto E. Tangonan who is considered an expert in developing digital finance services.
BSP Governor Benjamin E. Diokno remarked:
“PCMS is tasked to maintain the safety and integrity of the local currency and to ensure a well-functioning payments and cash ecosystem that supports sustained and inclusive economic growth. This is aligned with the BSP’s Digital Payments Transformation Roadmap which aims to achieve efficient, safe and inclusive payments ecosystems.”