SEC told to ramp up investor protection efforts

Finance Secretary Benjamin Diokno challenged the Securities and Exchange Commission (SEC) to continue enhancing initiatives to protect the investing public.

“I therefore challenge the Commission to ramp up its enforcement and investor protection efforts. We must ensure that the people can rely on the government to keep their hard-earned money and investments safe,” said Secretary Diokno in a keynote at the SEC’s 86th Anniversary and Recognition Ceremony.

Secretary Diokno recognized the indispensable role the SEC plays in the development and modernization of the country’s financial markets.

He noted how the SEC has built a competitive and secure business environment critical for capital formation, consistent with the agency’s mandate as the enforcer of standards for corporate governance and protector of the investing public.

At the height of the pandemic, the SEC maintained its high standards of responsive and innovative service, keeping the country’s capital market and corporate sector robust. These efforts are documented in the recently published “The SEC Reports: Pandemic Years 2020 to June 2022.”

“The achievements noted in this report attest to the exemplary work put in by the men and women of the SEC despite the limitations set by the pandemic,” said Secretary Diokno.

The Marcos administration envisions a robust and resilient economy characterized by investment-led growth. To achieve this, the government works to enhance the local business climate, expand financial inclusion, and ensure that small businesses have better access to financial services in the capital markets.

“The SEC stands front and center in this effort. As we improve the ease of doing business in the country, it will attract more investments that will accelerate growth and quicken our economic recovery,” said Secretary Diokno.

Secretary Diokno congratulated the SEC for being conferred the prestigious International Standards of Accounting and Reporting Honors by the United Nations Conference on Trade and Development in Geneva, Switzerland.

He thanked the agency for ensuring that the country is safe for businesses, investors, and consumers.

“I am confident that the SEC will continue to secure the public’s trust and inspire confidence in our markets. On our part, rest assured that the Department of Finance stands ready to assist the SEC in this worthy mission,” said Secretary Diokno.