The Department of Trade and Industry (DTI) and the Securities and Exchange Commission (SEC) have formalized the Swift Corporate and Other Records Exchange (SCORE) Protocol, a framework designed to facilitate secure and efficient data sharing between the two government agencies.
The SCORE Protocol aims to improve government processes by streamlining the exchange of corporate records and regulatory data. This initiative is expected to enhance efficiency, support better decision-making, and reduce bureaucratic delays. The agreement was signed during the SEC Tribute to Outstanding Achievements.
“The SCORE Protocol is a critical step in the DTI’s aggressive push for digitalization,” said Trade Secretary Cristina Roque. “By ensuring faster transactions, streamlined access to corporate records, and reduced bureaucratic red tape, we are strengthening market integrity, enhancing efficiency, and making it easier for businesses to invest and grow.”
The protocol uses technology, including an Application Program Interface (API), to enable real-time data sharing between the DTI and SEC. This integration is intended to provide more accurate and timely information for regulatory decisions and policy development.
Prioritizing data privacy
The agreement also prioritizes data privacy and security. Both agencies will coordinate any necessary adjustments to ensure the proper handling of personal and sensitive business information.
“As DTI aggressively pushes for digitalization and ease of doing business, we stand alongside the SEC in ensuring that the Philippines remains a top destination for investments, innovation, and inclusive growth,” Roque said.