BIZ BUZZ: ‘Unconscionable’ SEC fee hikes?
Owners of small- and mid-sized businesses who are unhappy with the higher registration and filing fees that the Securities and Exchange Commission (SEC) wants to charge companies are pointing to a legal precedent which, they say, is the strongest argument against the increases.
Apparently, in a July 2020 case between First Philippine Holdings Corp. and the SEC, the Supreme Court declared as invalid the fees imposed by the corporate regulator for the application of amended articles of incorporation.
This particular amendment consisted of extending the corporate life of First Holdings where the fee levied on it was 1/5 of 1 percent of the authorized capital stock, but not less than P2,000. The Supreme Court found this to be invalid and unreasonable for being arbitrary.
But under the proposed fee hikes of the SEC, the regulator even increased the relevant fee that was struck down by the Supreme Court in that case from three years ago.
If the new policy is implemented, the charge for such a move would increase to 1/4 of 1 percent of the authorized capital stock, but not less than P2,500 or the subscription price of the subscribed capital stock, whichever is higher.
And that was a large corporation that was complaining. What more for small firms who are still struggling in the aftermath of the pandemic and the current economic challenges like high inflation and slowing growth?
While President Marcos and his economic team are actively pursuing the return of foreign investors to the country by reducing and easing the cost of doing business here, the SEC is doing exactly the opposite by proposing unnecessary and unconscionable increases in its fees, they point out.
Will the regulator be sensitive to the plight of small entrepreneurs? Abangan!
—Daxim L. Lucas
PR for all professions
Seasoned public relations professionals, media and communication leaders gathered recently in Pasay City for the launch of a book dubbed “PR Matters” by IPRA Philippines.
The book is a compendium of 70 articles on public relations, communication, leadership, marketing, manners and ethics, and other topics relevant to different fields and professions, written by 18 authors, all members of the International Public Relations Association (IPRA).
Keynote speaker, Bangko Sentral ng Pilipinas (BSP) Deputy Governor Bernadette Romulo-Puyat, lauded the publication that showcases the insights of some of the brightest minds in the Philippines’ PR industry on various topics on PR and communications.
In particular, she said that the central bank “recognizes that proactive communication is vital to building and maintaining stakeholder awareness, knowledge, satisfaction and trust” and that “stakeholder trust—along with awareness and satisfaction —is important to us.”
Romulo-Puyat also stressed the importance of communication across different disciplines and professions, citing BSP’s strategic communication framework where communication initiatives, besides being evidence-informed and results-oriented, are also “stakeholder-centric.”
“With IPRA’s thrust to promote the discipline of public relations, we consider this as our chapter’s contribution to the global task as it can now be easily accessed by students and professionals alike,” IPRA Philippines chair Noel Rene Nieva said.
“This book can be an inspiring reference for all things related to communications as a course and a career,” he added.
The book is for PR practitioners, students and professionals who want to go into our profession, or anybody who wants to learn the rudiments on how to use better and effective communication in our everyday life, in the workplace and even in their personal interactions with family and friends.
