The Daily Tribune
SEC-DBM pact boosts procurement oversight
The Securities and Exchange Commission (SEC) and the procurement service of the Department of Budget and Management (PS-DBM) have signed a data-sharing agreement concerning beneficial ownership data to combat illegal activities.
This agreement grants the PS-DBM access to beneficial ownership information of SEC-registered corporations, enabling real-time risk assessments and integration into procurement systems.
The partnership, formalized on March 14, aims to strengthen due diligence and foster an open and competitive business environment.
SEC Chairperson Emilio B. Aquino highlighted that access to this data is vital for upholding open government principles and enhancing the scrutiny of contracts, detection of conflicts of interest, and prevention of illicit financial flows by public institutions.
Beneficial owners are defined as individuals who ultimately own or control a corporation, either directly or indirectly, through voting power or influence over business decisions.
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