The Securities and Exchange Commission (SEC) of the Philippines is set to implement an increase in fees and charges, following constructive discussions with key business groups that had initially opposed the adjustment due to concerns about its impact on smaller enterprises.
Commissioner Mcjill Bryant Fernandez confirmed that a positive and productive meeting took place earlier this month between the SEC and the business groups, aiming to address their differences.
“We are in the process of drafting a joint statement on this matter,” Fernandez mentioned during the sidelines of the SEC and Philippine Stock Exchange’s 10th annual corporate governance forum. He added, “There will indeed be a revised fee and charges schedule. Although the specific timeline is yet to be finalized, the issuance of the updated fees and charges is still in progress.”
Fernandez highlighted the participation of leaders from the country’s major business groups in the meeting.
Earlier, on Aug. 2, the SEC had released the revised fees and charges schedule for stakeholder feedback. However, on Oct. 9, the Philippine Chamber of Commerce and Industry, Management Association of the Philippines, Employers Confederation of the Philippines, and other entities jointly expressed opposition to the proposed increase.
The SEC indicated that the previous fee schedule was last updated in 2017, following a 2014 proposal. A dedicated committee reviewed the proposal to assess current fees and charges concerning operational expenses, ensuring the Commission’s sustainable service delivery and fulfillment of its legal mandate.
Simultaneously, Fernandez urged non-compliant corporations to take advantage of the extended amnesty program, effective until December 31 this year. The program encompasses corporations facing penalties for late or non-filing of annual financial statements, general information sheets (GIS), and official contact details.
Previously, the SEC identified 22,403 corporations at risk of incorporation paper revocation due to failure to submit their GIS within five years from their incorporation date.