SEC collects record high P2.7B in 2012

MANILA, Philippines—The Securities and Exchange Commission chalked up a record-high collection of P2.7 billion in 2012 as robust capital markets encouraged more securities registration.

Last year’s collection marked a 43.57 percent increase in earnings from the previous year—mostly driven by registration filing fees—and beat the target of P1.2 billion for the year.

About 85 percent of the SEC’s earnings, SEC chairperson Teresita Herbosa said, came from securities registration fees. The balance of 15 percent came from fines and penalties.

Based on her discussions with big corporations, Herbosa said 2013 would likely be another good year.

Justina Callangan, director of the SEC’s corporate finance department, said P96.5 billion worth of bonds were registered with the corporate regulator last year.

In addition, she said there were: P84.03 billion worth of securities registered by listed companies that undertook follow-on equity offerings; P28.86 billion worth of initial public offerings; and P9.37 billion of securities listed by way of introduction.

In addition, there were P17.3 billion worth of short-term commercial papers (STCPs) registered with the SEC and P3.9 billion worth of mutual fund shares.

“The market is good but the requirements are still the same,” Callangan said, explaining that the robust fund-raising activities last year were not due to any easing of regulatory requirements.

The total bond issuance in 2012 was broken down as follows: P20 billion by San Miguel Brewery; P18 billion by Ayala Land Inc.; P20 billion by Ayala Corp., P10 billion by Globe Telecom; P11 billion by Filinvest Land Inc.; P15 billion by SM Investments Corp.; and P2.5 billion by Vista Land & Lifescapes.

ALI and AC tapped the bond market twice last year.

The companies that conducted follow-on offerings were: First Gen Corp. (P1 billion); San Miguel Corp. (P80 billion of preferred shares); Marcventures Holdings Inc. (P187 million warrants) and STI Education (P2.8 billion).

Those that listed by introduction, or without any public offering, were Rockwell Land and Yehey! Corp. Rockwell listed P9 billion worth of shares while Yehey! listed P278 million worth of shares.

The issuers of STCPs last year were: City and Land Developers (P200 million); Cityland Inc. (P1.1 billion); Cityland Development Corp. (P1 billion) and BDO Leasing And Finance Inc. (P15 billion).