The Securities and Exchange Commission (SEC) said Thursday it is open to amending its plan to increase company fees and charges, although it insisted that the proposal is supported by studies and benchmarked against neighboring counties.
SEC chairman Emilio Aquino said in a news briefing after the roundtable discussion with various business groups the agency was willing to listen to their concerns to determine if there was basis for their opposition.
“We are not pressing it for now because we have to be mindful of the cost,” Aquino said.
Aquino said the SEC would review all the comments and points raised by the groups to determine if there was basis for their opposition.
He said the SEC plan to increase its fees and charges, which was issued in August for public comments, was not yet implemented.
The SEC assured the business groups that the charges and fees would be reasonable and aligned with the trust of the administration.
Aquino said that based on the proposed charges and fees, micro and small and medium enterprises, which comprise the bulk of companies registered with the SEC, would pay additional P500.
“So it is not really unreasonable and painful,” Aquino said.
He said the adjustment would enable the SEC to sustain the development of IT-related systems and the delivery of its services, which would help ensure the effective enforcement of laws concerning the capital market, financing and lending companies.
The fees and charges imposed by the SEC were also benchmarked with those imposed on similar services in other jurisdictions.
Singapore’s Accounting and Corporate Regulatory Authority charges P3,029.70 for the download of financial statements and Corporate Compliance and Financial Profile, according to the SEC.
This is equivalent to the company snapshot package, consisting of the General Information Sheet, Annual Financial Statements and company snapshot worth P1,000 that may be downloaded from eSEARCH.
Eleven business groups earlier expressed opposition to the proposed increases in regulatory fees and charges by the SEC, describing it as money-making schemes in the guise of regulatory enhancements.