Sunday, May 26, 2024

Pimentel hits SEC?s ?inefficient service? after IT system breakdown

Senate President Aquilino “Koko” Pimentel III on Saturday, Aug 6, slammed the ?inefficient service? of the Securities and Exchange Commission (SEC) after its major computer system bogged down that virtually halted the operations and services at the agency.

Sen. Aquilino "Koko" Pimentel III
Sen. Aquilino “Koko” Pimentel III

“Inefficient at palpak ang serbisyo,” said Pimentel after receiving reports that the agency’s computer systems had stalled, stranding many applicants securing their securities registration and other transactions with the regulation agency.

The SEC is responsible for regulating the securities industry in the country, from registration of securities, analysis of every registered security, and the evaluation of the financial condition and operations of applicants for security issue.

“This is not acceptable. Our people deserve better government service, not a government of inaction,” said Pimentel.

He said the appalling incident at the country’s major securities industry agency is sending a wrong signal to prospective entrepreneurs and investors who are eyeing to do more business and investments in the Philippines.

Because exposure to government agencies is inevitable, Pimentel urged public officials to go out of their way to improve efficiency in the delivery of services in response to the call of President Duterte for a responsive and clean government.

He said the Anti-Red Tape Act mandates government agencies providing frontline services to regularly undertake time and motion studies, undergo evaluation and improvement of their transaction systems and re-engineer the same if deemed necessary to reduce bureaucratic red tape and processing time.


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