Increase in number of firms attributed to better economy

THE INCREASE to 1,881 in the number of corporations registered with the Securities and Exchange Commission-Davao Extension Office (SEC-DEO) last year was attributed better economy.

Data from SEC-DEO showed that this increased from 1,787 corporations in 2014 as about 65% of those that registered last year were in the city.

The extension office covers the cities of Davao, General Santos, Tagum, Panabo and provinces of Davao Region, Surigao del Sur, Agusan del Sur, South Cotabato, Sarangani, Sultan Kudarat, Maguindanao and North Cotabato.

In SEC-DEO’s record, the agency was able to register 1,045 stock corporations, 158 partnership firms and 836 non-stock corporations last year, which increased from 964, 157 and 838, respectively.

“In my area, it has always been on upward trend since the last five years,” said Javey Paul D. Francisco, director of SEC-DEO. He attributed the growth to the city’s political stability and upbeat economy with investors that continue to pour in their investments.

The corporations, Francisco, have to file their 2015 financial statements on April 18-May 20.

As of the first half last year, data from SEC-DEO showed that it already registered 519 new stock corporations with combined authorized stock capital of P3.552 billion from 498 in January to June 2014, which declared authorized stock capital of P3.511 billion.

Throughout 2014, the office was able to process and approve 964 stock corporations, which had authorized stock capital of P7.951 billion from 916 stock corporations that declared authorized stock capital of P5.497 billion in 2013.

Companies that will sell investment-related products have to secure a license to sell from SEC.

“Apart from securing registration, they have to gain license to sell from SEC,” Francisco said, as the license would ensure that the products and securities sold are safe and have passed through the stringent standards of the agency.

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