SEC pushing through with higher filing fees

MANILA, Philippines — The Securities and Exchange Commission (SEC) is hoping to push through with the proposed hike in charges and fees this year after it was met with opposition by business groups last year.

“Preferably at least within the year,” SEC chairperson Emilio Aquino said when asked on his target date for the planned increase.

The SEC in August last year released the revised schedule of fees and charges to solicit comments, suggestions, and inputs from stakeholders.

The proposed hike, however, met opposition last October from some of the country’s biggest business groups such as the Philippine Chamber of Commerce and Industry and the Management Association of the Philippines, among others.

Later that month, the SEC met with the business groups to address the points the latter raised and hopefully unite the viewpoints of the commission and its stakeholders.

Aquino said there are still no changes made yet on the proposal, noting that they are still “on that process of sorting it out.”

“As it is, as we are talking, it is still as is. But we’re open to possible review and all. But none at the moment, nothing has been done yet,” he said.

The SEC earlier committed to hearing all comments and suggestions from its stakeholders before issuing the new and final schedule of fees for its services.

“We promised to listen to their side (business groups). So hopefully, within the year,” Aquino said.

The SEC previously noted that the proposed revised schedule of fees and charges was the result of a thorough and careful study.

Before releasing the proposal, it said 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.

According to the SEC, the schedule of fees and charges was last updated in 2017, based on a proposal from 2014.

“This means that the current rates are based on operational and administrative costs prevailing almost 10 years ago,” it said.