SEC defends higher fees

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MANILA, Philippines — The Securities and Exchange Commission (SEC) stood its ground on the need to impose higher fees as it set a meeting on Thursday with the country’s top business groups, which earlier opposed some of the hefty charges since these would be an added burden amid challenging economic conditions.

“The meeting will seek to unite the viewpoints of the Commission and its stakeholders toward ensuring that the new schedule of fees continues to advance the Marcos administration’s thrust of promoting business and capital formation in the country,” the corporate regulator said in a five-page statement on Wednesday.

The SEC released the revised schedule of fees and charges last Aug 2 to solicit comments from stakeholders. It added that no adjustment has been implemented to date.

“The Commission is committed to hearing all comments and suggestions from its stakeholders before issuing the new and final schedule of fees for its services,” it said.

“In the same manner, the Commission has always been committed to transparent and accurate data in the interest of fairness to all concerned,” it added.

Comments, suggestions

The Philippine Chamber of Commerce and Industry, Management Association of the Philippines Employers Confederation of the Philippines, and other groups issued a joint statement on Monday, bucking the planned hike.

READ: Business groups buck planned hike in SEC fees

The SEC, whose last fee scheduled was updated in 2017, based on a 2014 proposal, said the proposed increase was reviewed by “a dedicated committee was constituted to assess the current fees and charges in relation to operating costs, in order to ensure the sustainability of the Commission’s services and fulfillment of its legal mandate”.

“[T]he fees and charges are aimed at supporting the Commission’s efforts in proactively addressing the needs of the corporate sector, giving the SEC sufficient leeway to introduce reforms and fund future innovations,” the SEC said.

It also clarified that fees and chargers imposed on certain information technology-related services, launched through its new digital systems, have taken effect after going through the public consultation process last June.

“The development of IT-related systems and the delivery of these services entail costs, and, in order to sustain them, fees and charges must sufficiently cover the cost of maintaining and upgrading them continuously for the benefit of the transacting public,” the SEC said.