The Securities and Exchange Commission has put up a “Fast Lane” online kiosks in several parts of the country to facilitate the online registration of new companies amid the increasing backlog of new applicants.
The SEC said in a statement the Fast Lane kiosks, which stand for Facilitating Automated System Transition Lane, are located at its head office in the Philippine International Convention Center in Pasay City, as well as its satellite offices in Metro Manila and its extension offices in key cities of the country.
The lanes, which are open from Monday to Friday, 8:00 a.m. to 5:00 p.m., will be manned by Fast Action Service Teams who will provide advisory assistance to new registrants of corporations, partnerships and associations with priority given to those applications filed in June and earlier.
“The Fast Lane online kiosks were put in place to assist new registrants and to show them how easy it is to use the online registration system as they can replicate the process in the convenience of their own homes or offices. All they need is a stable internet service, and, of course, the information they will be inputting into the system”, said SEC chairman Emilio Aquino said,
The online registration system is one of the mechanisms established by the SEC management to make services more efficient and easily accessible to the public.
The SEC last year launched its company registration system, an online system intended to ensure faster registration processes with data capturing features to expedite company certification services. Both deliverables are intended to benefit the transacting public.
The online system has undergone teething problems, especially in the filling up of corporate information, unstable internet connectivity, storage and other system readjustments. This resulted in the backlog of new companies applying for registration.
“There is, therefore, a need to facilitate the transition from SEC’s previous manual registration system to an automated one,” the SEC said.