The Securities and Exchange Commission (SEC) has taken a decisive step toward modernizing corporate compliance and administrative governance in the Philippines. With the issuance of SEC Memorandum Circular No. 23, Series of 2026, the Commission officially introduces VERITAS, or the Verification of Electronic Records and Information Trust and Authentication System, which is a decentralized, blockchain-based document signing and verification platform.
This circular establishes a legal and technical framework that enables corporate officers and legal representatives to digitally authenticate SEC-related submissions without the need for wet signatures or physical notarization, by using a secure blockchain technology.
Issued pursuant to the Commission’s mandate under Section 180 and Section 179(o) of the Revised Corporation Code (R.A. No. 11232), MC No. 23 expands the digital identity and credentialing system previously established under the Electronic SEC Universal Registration Environment (eSECURE) and the Electronic Submission Authentication Portal (eSAP).
Under the circular, digitally authenticated documents generated through VERITAS carry the same legal force, effect, and enforceability as signed and notarized written documents pursuant to the Electronic Commerce Act of 2000 (R.A. No. 8792). Furthermore, this initiative aligns with the mandate under the Ease of Doing Business Act of 2018 (R.A. No. 11032) to issue electronic permits and filings with the same authority as hard-copy counterparts.
The Circular applies broadly to all credentialed eSECURE account holders, including incorporators, directors, corporate officers, and authorized representatives executing filings on behalf of registered corporations, partnerships, and other juridical entities. System access is integrated directly into the official SEC Check App on mobile devices. To ensure identity verification, signatories must possess an active eSECURE account validated through electronic Know-Your-Customer (eKYC) procedures and a liveness detection protocol.
At its core, VERITAS relies on a specialized cryptographic signing mechanism that exclusively uses on-chain public-private keypairs generated within the platform, strictly prohibiting external or commercial certificate authorities. Every execution subjects the document to a cryptographic hashing algorithm that appends a unique digital fingerprint to the blockchain. Upon final completion by all authorized signers, the SEC attaches a visible DICT-issued PNPKI Agency Certificate seal and an embedded Quick Response (QR) code to the document for real-time validation.
Under this framework, the digitally signed electronic file is designated as the official original record, rendering hard-copy submissions unnecessary unless explicitly mandated by separate rules. Any printed reproduction is legally classified as a secondary duplicate and must explicitly bear a notation stating: “The original of this document is in digital format.”. Furthermore, because blockchain transactions are permanent and immutable, signed filings cannot be edited or deleted; any necessary corrections require restarting the submission process, with the latest draft presumed as the official record.
Currently, the adoption of VERITAS is optional and offered free of charge, keeping existing PNPKI-based processes via eSAP fully operational. However, the SEC reserves the authority to mandate VERITAS for specific filing types or corporate entities in the future following appropriate public consultations.
The adoption of VERITAS dramatically streamlines corporate compliance by removing the administrative burden and delays which traditional physical notarization imposes. Registered entities can now execute critical instruments, including Articles of Incorporation, By-Laws, and Certificates of Authentication, directly within the SEC Check App with immediate legal effect. This shift significantly reduces operational costs and timelines for corporate transactions while eliminating the logistical obstacles associated with coordinating physical signatures across multiple directors or officers.
However, this transition introduces strict security and key management responsibilities for corporate officers and designated signatories. Because the SEC does not store, possess, or maintain access to private keys, the loss of a Document Signing Certificate cannot be remedied by the Commission. Signatories must exercise heightened diligence by safeguarding their VERITAS-enabled devices, setting secure passphrases, and maintaining local backups via QR codes or established social recovery mechanisms to prevent irreversible access loss.
From an enforcement and audit perspective, the system creates a permanent record that makes checking document authenticity simpler. When there is any post-execution alteration to a document, the system detects it instantly because the digital fingerprints no longer match. As such, to deter fraudulent activity, the circular enforces stringent liabilities: tampering with records or misrepresenting digital credentials risks immediate suspension of eSECURE account privileges, as well as referral for administrative penalties and criminal prosecution under the Electronic Commerce Act, the Data Privacy Act (R.A. No. 10173), and the Revised Penal Code.
SEC MC No. 23, s. 2026, advances corporate compliance in the Philippines into a more efficient, paperless, and secure framework. By incorporating blockchain technology, the SEC guarantees that digital filings remain authentic and tamper-evident while removing the traditional delays of physical notarization. Corporations and legal practitioners are encouraged to establish their eSECURE accounts and configure the SEC Check App to utilize these benefits.
This guide provides a general overview of the above transactions at the time of writing only and is not intended to be a comprehensive legal advice. This should also not be taken as an opinion on the topic. For more details and information, you may coordinate with any GVES Law Partner regarding the matter.
Atty. Jianna Mae S. Robles is an associate at GVES Law.