SEC takes on barriers to doing business
The Securities and Exchange Commission (SEC) has vowed to streamline its services and cut regulatory fees. These have long been a barrier between corporations and the local capital markets, among others.
“We thank the President for his clear directive and continued support toward our mission to develop the business sector and capital market as one of the best in Southeast Asia,” SEC chair Francis Lim said in a statement.
Lim was referring to Mr. Marcos’ directive to the regulator following the passage of the Capital Markets Efficiency Promotion Act (CMEPA).
“We are confident that the enactment of CMEPA will help the Commission in expanding accessibility of investment opportunities to more Filipinos, thereby encouraging them to invest in the capital market,” Lim added.
This comes just days after the SEC opened its Public Assistance and Complaints Desk. It will directly handle client inquiries, complaints and feedback at the commission’s headquarters in Makati City.
According to the SEC, its departments and offices have been directed to prioritize addressing pending applications and requests within the respective timeframes mandated by law.
For its part, the SEC currently implements a 45-day processing period for listing applications. It has likewise shortened the number of years of financial reports that must be submitted from four years to three years.
Just last month, the commission slashed fees for information technology-related services by 50 percent. These include requests for general information sheets, articles of incorporation and registration data sheets, among other things.
The SEC now charges P1,000 for each authenticated, physical copy of these documents and P625 for digital copies.
