People who previously paid peanuts to access the general information sheet (GIS) and other documents of companies registered with the Securities and Exchange Commission (SEC)—typically bankers, lawyers, analysts, investors and researchers who keep tabs on corporate entities—are aghast that they now have to pay a hefty amount to access the same documents. And instead of having the option just to view them digitally, they now have to purchase hard copies.
“That’s the new digital direction,” a miffed businessman said. From paying just P5 to view a typical GIS, he said it now costs P1,600 to get the same document in printed form and have it delivered.
For its part, the SEC said its iView service—the portal that had allowed viewing of corporate registration documents for just 50 centavos per page (there was an additional P50 service fee plus P10 cost per page to print the document and keep a copy on hand)—was discontinued four years ago.
These days, the public may request for these documents through the SEC Electronic, Analytics, and Research Computing Hub (eSEARCH), which charges P750 for the entire document and P1,000 for a bundle consisting of GIS, annual financial statement (AFS) and company snapshot.
The SEC contends that using eSEARCH could even be cheaper. “For example, an unauthenticated copy of a company’s AFS comprising 100 pages would cost P1,050.00 under iView. The same set of financial statements would cost only P750 under eSEARCH,” the SEC said in reply to a query from Biz Buzz.
These fees had been structured based on “a thorough and careful study, which included benchmarking against similar services in the Philippines and foreign jurisdictions,” it added.
“Because documents available on eSEARCH have text layers, the SEC requires bigger cloud storage and the value of work that goes into ensuring the format and quality of the reports is greater,” the SEC said.
It noted that Singapore’s Accounting and Corporate Regulatory Authority charges P3,029.70 to download AFS, GIS and corporate compliance documents, which are equivalent to the documents that may be downloaded from eSEARCH for just P1,000. It added that the Philippine Statistics Authority charges P330 for a physical copy of a one-page birth certificate plus courier fee.
“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.
But exasperated users suggest that the SEC, instead or reversing the digitalization track, should offer a digital option to save the trees.
“Why stop everyone from viewing only when that’s all we need?,” a complainant asked. Doris Dumlao-Abadilla
LG makes life good for National Museum
LG Electronics Philippines Inc., the Philippine unit of South Korean global technology leader in consumer electronics, home appliances and mobile communications, has been partners with the National Museum of Fine Arts for many years, and it took that relationship up a notch last week with the donation of several units of its new line of LG OLED televisions.
According to LG Philippines Managing Director Nakhyun Seong during the launch of the LG OLED televisions at the former session hall of the Senate of the Philippines, the donation “reaffirms LG’s commitment to supporting cultural institutions and promoting the arts.”
“The partnership between LG and the museum signifies a synergy between cutting-edge technology and timeless artistry. LG is committed to the National Museum of the Philippines and its causes in the arts, aiming to foster greater appreciation and accessibility to cultural heritage,” Seong added.
But there’s more.
Aside from the welcome donation that also marked the 140th year of Juan Luna’s majestic Spoliarium, LG Philippines, which has adopted the slogan “Life’s Good” will also donate a number of dehumidifiers, which will be installed in the galleries.
These will help preserve the National Museum’s precious works of art for the current and succeeding generations of Filipinos. Tina Arceo-Dumlao