The Securities and Exchange Commission (SEC) opened an extension office here Thursday, the 14th nationwide, to strengthen its regulatory oversight and to support the economic growth of Northern Luzon.
Located at the fifth floor of the new Dap-ayan building just across the Ilocos Norte Capitol and the Marcos Hall of Justice in downtown Laoag, the office aims to create an environment that will encourage businesses to incorporate, enabling them to take part in driving the robust economic growth of the Ilocos Region and nearby provinces of Ilocos Sur and Cagayan, SEC Chairperson Emilio Aquino said during the event.
In 2023, Ilocos Region posted the second highest nominal gross domestic product among the regions, with the value placed at around PHP701.47 billion.
It hosts eight operational Special Economic Zones that cater to hubs for industrial, commercial and financial activities, the highest among regions even without a SEC extension office.
According to Aquino, the new Laoag extension office will accommodate the registration, compliance processes and other SEC-related transactions of businesses across Ilocos Norte, Ilocos Sur, La Union and Pangasinan, ensuring the timely and efficient delivery of services.
The branch will also facilitate the Commission’s investor protection and education programs to safeguard businesses against scams and other fraudulent schemes.
As of November 2024, the Ilocos Region is home to a total of 12,463 SEC- registered corporations.
“By expanding our presence in this growing region, the SEC continues to show its commitment to further improving the ease of doing business in the Philippines,” Aquino said.
For his part, Ilocos Norte Governor Matthew Joseph Manotoc expressed gratitude to the SEC for its support to the province’s continued growth through the opening of its new office.
“As the fastest growing economy in Region 1 according to the PSA (Philippine Statistics Authority), we are very hopeful that we have turned the corner in terms of our economy and progress. But we still want to push a more enterprising culture in our province,” he added. (PNA)
