The Securities and Exchange Commission (SEC) in the Philippines is bound to change the financial ecosystem. Under the new leadership of SEC Commissioner Rogelio Quevedo, SEC focuses on deeper innovation and digitalization.
The Commissioner has a long history in corporate law and telecommunications services, labeling him as a prominent figure in the public and private sectors. He has served as government counsel in the Philippines and has been a professor of business and civil law at the Office of Legal Counsel for Government Companies (OGCC), PLDT-SMART, and at the Law School of the University of the Philippines (UP).
SEC Commissioner Quevedo hopes to bring the necessary changes, including practical innovations, at a press conference on May 15. He saw that innovation was not a buzzword or a new concept. The Commission has introduced innovation and has continued on this path since 2021.
“It’s always based on practicality innovation. It’s always based on compassion. You have to make sure your innovation is what the customer needs,” said the SEC specialist.
These changes are necessary, especially in improving regulations and financial landscape. One technological innovation he emphasized is the use of artificial intelligence (AI) in the second second. Currently, AI is moving forward at an incredible pace, further improving the industry’s efficiency and financial inclusion.
“As I said, AI is not really a technology. AI is a tool; it is a process. AI can only be as effective as the data it depends on and the ability of the person who feeds the data and the ability of the person who is running the process itself,” he said.
AI is a lot of things for SEC. It is responsible for automating repetitive processes, retrieving information in real time, registering SECs, and monitoring borrowers to ensure unfair collection practices are prevented.
However, despite the progress of digitalization, it still poses risks. These include human biases that can be derived from using AI or cybersecurity threats such as stopping services and identity theft. To address this, SEC specialists recommend taking AI with caution and leveraging the latest cybersecurity measures of other well-known companies. Commissioner Quevedo cited his training as an intelligence officer to oppose cybersecurity threats to national security, one of his major assets in performing its functions at the SEC.
With the role of AI and cybersecurity, players should be able to maximize their advantages. The SEC has acknowledged this and placed it under their support. Specialist Quevedo believes in the importance of technological innovation in improving regulation and customer experience.
“I believe AI is the answer to the future, but don’t insist that AI is the future. The future is human input. As Steve Jobs said, Jobs will not be taken over by AI, but your job will be taken over by another person who knows how to use AI. That’s why we embrace AI,” he said in a hybrid Philippines and English.
The SEC Commissioner also highlighted the Philippines’ need for financial literacy. While financial activities continue to drive the economy, it is necessary for Filipinos to have better knowledge and education in financial management, expenditure, savings and budgets. In this way, it will help them make reasonable financial decisions in their daily lives.
For the SEC, it emphasizes financial literacy at the high school level to promote financial literacy in the country. Financial literacy can also be included in computer literacy, which can be done in a one-day or two-day direction or in a seminar, the commissioner said.
SEC Philippines is now at the forefront of innovation and digitalization. “Today’s SEC has evolved from the leap of initially innovative digital innovation.” The committee has never started with technological innovation as before – more advanced, more efficient, and advocated ease of doing business.
For more information about the SEC, visit its website: www.sec.gov.ph.
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