SEC eyes reasonable transition for proposed higher fees

MANILA, Philippines — The Securities and Exchange Commission (SEC) has given its assurance that there will be a reasonable transition for the implementation of the proposed hike in charges and fees being opposed by business groups.

SEC commissioner McJill Bryant Fernandez said the Anti-Red Tape Authority (ARTA) has cleared the proposed increase in registration and filing fees.

“We’ve already secured ARTA’s no objection, basically saying that it’s within our authority,” he said.

Fernandez said that the implementation of the proposed hike in charges and fees is still part of the SEC’s plan moving forward.

“It’s just a matter of timing because we have secured the necessary clearances, even the ARTA after submitting our regulatory impact assessment. So I guess from our end, in terms of clearances from higher-ups, we’ve done it,” Fernandez said.

“But there’s no need to raise any alarm bells or no need to panic because again, the number one priority is to afford companies or the industries a reasonable transition,” he said.

Fernandez said the specific timetable as to its implementation has yet to be finalized.

“But what we want to ensure and we want to assure the industry is that there’s a reasonable transition before any hike will be implemented. I think we have been very sensitive about the sentiments of the industry. Ultimately, we will ensure that there will be a reasonable transition,” he said.

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

The proposed hike met opposition in 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.

In response, 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.

One of the requirements sought by the business groups was the regulatory impact assessment of the ARTA.

“We have informed them of ARTA’s clearance or go-signal. But definitely, our doors are still open in terms of conversation. And then definitely, we will be reaching out once we reach the implementation,” Fernandez said.

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