MANILA -- The Securities and Exchange Commission (SEC) said on Monday it is investigating the case of Navy Lt. Jessa Mendoza, whose name appears as incorporator of 193 companies. 

Mendoza said in a Senate investigation that she knew nothing about the companies and asserted that her identity was used.

SEC Chairperson Emilio Aquino said the agency is still investigating how Mendoza’s name was used in 193 companies. The SEC will also review if there are lapses in the process. He did not provide other details of the investigation as it is still ongoing.

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But Aquino asserted the registration of the 193 corporations happened before the SEC implemented its digitalization program. When they started to modernize the system, he said, Mendoza’s case likely won’t happen again.

“Lahat na mga TIN [tax identification number] na peke, hindi na papasa yun," he said.

He said entities will no longer be able to use fake TINs in their registration, and that the agency is putting "triggers" that will alert officials in case there are doubts about the number of companies a person is incorporating.

The agency is also balancing the ease of doing business or the ease of registering a business and that of preventing fake companies or illegal firms from setting up a business in the Philippines. Aquino said it is still easy to register a business, but it is also easy for SEC to revoke a business if proven that they have done illegal activities.

“From the moment you bring to our attention that there is such a company that’s like this and that, and it’s working- mabilis kami mag advisory, mabilis kami mag-CDO [cease and desist order], and mabilis kami mag-revoke,” Aquino said.

(We can release a cease and desist order quickly, and we can quickly revoke.)

Though they are still investigating Mendoza’s case. Aquino assured the public they are more stringent now and a modern system can help check suspicious records. 

“Mas madali na kasi imonitor (It is easier to monitor), because the online incorporation is already working,” he said.