SEC firms up plan to move to BGC

MANILA, Philippines - The Securities and Exchange Commission (SEC) is firming up its plan to transfer to a new headquarters in Bonifacio Global City (BGC), the newest business district in the metro.

The corporate regulator plans to conduct business in BGC starting June, a move questioned by its employees’ association given concerns on accessibility and the inadequate area to handle transactions with the public.

The procurement process is ongoing, with the SEC looking to finalize the terms this week, said SEC chairperson Teresita J. Herbosa.

“Starting June, we want to be operational (in BGC),” Herbosa said.

“Pursuant to your intent to lease out seven floors of office space and a 100-square meter (sqm.) space provided in our ground floor area, we gladly inform you that it was approved by our head office in Korea,” Hanjin Heavy Industries & Construction Corp. said in a letter to the SEC dated Feb. 11.

SEC is looking to transfer to the Hanjin building located at 1128 University Parkway, North BGC that is near the British School Manila.

Hanjin’s letter showed that the lease for 1,030 sqm. gross floor area or 732 sqm. of usable floor area is P738,407 per month, subject to a six-percent escalation rate starting the second year of the five-year lease period.

SEC will also have to shoulder P159,804.50 in monthly association dues and P137,762.50 in aircon fee, both subject to higher rates starting the second year.

The corporate regulator is required to pay P2.07 million as a three-month advance rental and P2.07 million as the three-month security deposit. So far, the SEC has P500 million in unprogrammed funds on top of its annual budget.

The office space will be handed to SEC semi-furnished with carpets, walls painted, aircon systems in place, ceiling with lighting fixtures, acoustic ceiling boards and sunscreen provided on windows, Hanjin said.

“In line with the Department of Finance’s plan, we will have our own building but it will take a minimum of two to three years before you can construct,” said Gerard M. Lukban, commission secretary of the SEC.

However, the SEC Employees’ Association (SECEA) is questioning the surprising decision to transfer to BGC.

“Insofar as the safety is concerned, we are amenable to their proposal provided that they consider certain parameters just like accessibility, if it could accommodate as many clientele as possible [and] it would not be costly to employees,” SECEA said.