Manila: A data sharing agreement (DSA) was inked by officials of the Philippine Competition Commission (PCC) and the Securities and Exchange Commission (SEC) Monday, aimed to ensure transparency, integrity, and fair competition in the domestic corporate sector.
According to Philippines News Agency, PCC Chairperson Michael Aguinaldo and SEC Chairperson Francisco Lim signed the DSA, which "will provide the PCC with streamlined access to corporate information in the custody of the SEC that is relevant to the PCC's mandate to investigate mergers, acquisitions, and anti-competitive conduct under the Philippine Competition Act," PCC said in a press release.
"This agreement represents a shared commitment to safeguard competition and protect investors," Aguinaldo said. "By working closely with SEC, we can ensure that markets remain transparent, competitive, and beneficial to consumers and businesses alike."
PCC stated that under the DSA, "SEC will provide requested corporate data to the PCC within three working days, while the PCC commits to use the information solely for its lawful mandate and to notify SEC of any data processors or personnel authorized to handle the shared information."
It mentioned that the pact "also outlines procedures for data breach management, data retention, and secure disposal of personal data, ensuring accountability and protection of data subjects' rights."
"Valid for five years, the agreement affirms the role of institutional partnerships in strengthening market oversight and advancing good governance. It underscores the importance of transparency and cooperation in fostering investor confidence and ensuring fair competition across industries," it said.
The DSA, PCC noted, "builds on the PCC-SEC Memorandum of Agreement signed in 2016 and establishes clear protocols for data sharing, including on-site, online, and off-site access to SEC records" and "sets out safeguards for data privacy and security in line with the Data Privacy Act of 2012, requiring both agencies to implement strict confidentiality measures and designate data protection officers (DPOs) to oversee compliance."
PCC indicated that SEC Director Oliver Chato and PCC Executive Director Kenneth Tanate have been designated to implement and monitor the agreement.
