The Securities and Exchange Commission (SEC) has inaugurated a new extension office in Laoag City, marking its 14th location across the country. The opening ceremony, graced by SEC Chairperson Emilio Aquino and Ilocos Norte Governor Matthew Joseph Manotoc, took place on January 9, 2025, at the Dap-ayan Building in Barangay 9 Sta. Angela. This strategic move aims to bolster the SEC’s regulatory capabilities and stimulate economic development in Northern Luzon.
The new office, situated opposite the Ilocos Norte Capitol and the Marcos Hall of Justice, is poised to foster a conducive environment for business incorporation. According to Aquino, this initiative will play a crucial role in driving the economic prosperity of the Ilocos Region and its neighboring provinces, including Ilocos Sur and Cagayan. In 2023, the Ilocos Region achieved the second highest nominal GDP among Philippine regions, totaling approximately PHP701.47 billion.
The region is already home to eight Special Economic Zones, which are pivotal for industrial, commercial, and financial activities. Despite this, the absence of a local SEC office had been a gap until now. The new Laoag office will handle business registrations, compliance processes, and other SEC-related transactions for companies in Ilocos Norte, Ilocos Sur, La Union, and Pangasinan, ensuring efficient service delivery.
Additionally, the office will support the SEC’s initiatives in investor protection and education, helping to shield businesses from fraudulent activities. As of November 2024, the Ilocos Region boasts 12,463 SEC-registered corporations.
Aquino emphasized that the SEC’s expansion into this thriving region underscores its dedication to enhancing the ease of doing business in the Philippines. Governor Manotoc expressed his appreciation for the SEC’s support, highlighting the province’s status as the fastest-growing economy in Region 1, as per the Philippine Statistics Authority. He remains optimistic about fostering a more enterprising culture in Ilocos Norte.