PH Empowers Businesses with New Data Protocol

The government is empowering businesses to operate with greater confidence and ease, reinforcing the Philippines as a competitive and business-friendly hub, according to Department of Trade and Industry Secretary Cristina A. Roque.

Together with the Security Exchange Commission (SEC), the Department of Trade and Industry (DTI) formalized the Swift Corporate and Other Records Exchange (SCORE) Protocol during the SEC Tribute to Outstanding Achievements on March 19.

This landmark agreement establishes a secure and efficient framework for exchanging corporate records and regulatory data between the DTI and SEC. By streamlining information sharing, the SCORE Protocol aims to enhance government efficiency and ensure the accuracy of data used for decision-making and policy formulation.

“The SCORE Protocol is a critical step in the DTI’s aggressive push for digitalization. By ensuring faster transactions, streamlined access to corporate records, and reduced bureaucratic red tape, we are strengthening market integrity, enhancing efficiency, and making it easier for businesses to invest and grow,” Secretary Roque underscored.

The partnership leverages technology, such as the Application Program Interface, to facilitate the seamless exchange of specific documents and data between the DTI and SEC. This technological integration will provide real-time information for government decision-making and policy formulation, significantly improving the responsiveness of regulatory processes.

Furthermore, the SCORE Protocol emphasizes adherence to data privacy and security regulations. The DTI and SEC are committed to coordinating on any amendments or improvements in the processing of personal information and sensitive personal information. This safeguards the integrity of business data while streamlining compliance requirements for enterprises.

In addition to the SCORE Protocol signing, Secretary Roque commended the SEC for achieving the Philippine Quality Award Level 3 for Mastery in Quality Management, recognizing it as the first national government agency to attain this status. She highlighted the collective mission of both agencies toward building a globally competitive, sustainable, and inclusive business landscape.

“The SEC’s achievement sets a new benchmark for excellence in governance and regulatory efficiency. As DTI aggressively pushes for digitalization and ease of doing business, we stand alongside the SEC in ensuring that the Philippines remains a top destination for investments, innovation, and inclusive growth,” Secretary Roque underlined.

The SCORE Protocol directly supports President Ferdinand R. Marcos Jr.’s vision for an advanced and efficient business landscape. Ultimately, the DTI’s efforts in redefining corporate regulatory processes through the SCORE Protocol solidify the Philippines’ status as a top-tier destination for global investment and trade.