By Philstar
The Securities and Exchange Commission (SEC) and members of the different business chambers have agreed to work together and move forward with the corporate regulator’s proposed increase in registration and filing fees.
“The meeting was very positive. We agreed to move forward,” said SEC commissioner McJill Bryant Fernandez.
He said the SEC would push through with the revised schedule of fees and charges, but was mum on when it would be implemented.
Business groups earlier raised concerns on the new fees to be imposed by the SEC, saying the proposed rates are exorbitant. The business chambers include the Philippine Chamber of Commerce and Industry, Federation of Filipino Chinese Chambers of Commerce and Industry Inc., Philippine Exporters Confederation Inc., Employers Confederation of the Philippines, Management Association of the Philippines, Chamber of Thrift Banks, Philippine Retailers Association, Philippine Franchise Association, Philippine Association of Legitimate Service Contractors, Stratbase ADR Institute for Strategic and International Studies, and the Philippine Food Processors and Exporters Organization Inc.
Under the SEC’s proposed fee hike, fees would increase to 1/4 of one percent of an entity’s authorized capital stock, but not less than P2,500 of the subscription price of the subscribed capital stock, or whichever is higher.
In their Oct. 2 letter to SEC chairperson Emilio Aquino, the business groups had said the fees must be just and reasonable.
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