SEC, BIR Strengthen Interagency Collaboration to Support Ease of Doing Business & Deepen the Capital Market

The Securities and Exchange Commission (SEC) and the Bureau of Internal Revenue (BIR) took a major step toward strengthening regulatory coordination in the Philippines, formalizing a stronger institutional partnership through a memorandum of understanding (MOU) signed on July 31 to simplify compliance processes and enhance the delivery of public services.

The MOU establishes a framework for closer collaboration between the two agencies in identifying opportunities for policy harmonization and improving information governance, recognizing their common reliance on corporate information in carrying out their respective mandates.

Among the key initiatives envisioned under this is the proposed Unified Audited Financial Statements (AFS) Submission Portal, which will be pursued through a separate Memorandum of Agreement. Once implemented, the portal will provide corporations with a single submission point for their AFS, allowing the documents to be securely transmitted to the appropriate receiving systems of the SEC and the BIR.

The initiative is expected to reduce duplicative submissions, promote consistent and traceable financial information, and enable both agencies to perform their regulatory functions more efficiently while advancing the government’s ease of doing business agenda.

Read the full press release: https://www.sec.gov.ph/…/sec-bir-strengthen…/…

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