SEC awaits ARTA study on proposed higher fees

MANILA, Philippines — The Securities and Exchange Commission (SEC) is ready to implement the proposed hike in charges and fees as soon as it passes the regulatory impact assessment of the Anti-Red Tape Authority (ARTA).

SEC chairperson Emilio Aquino said the commission is waiting for the outcome of ARTA’s impact assessment, a move that was earlier suggested by business groups who expressed opposition to the planned increases in the fees and charges.

“If it passes, then we will implement whatever gets passed. That’s the agreement,” Aquino said.

“We’re just trying to comply. They (business group) said refer it there (ARTA) so we referred it ARTA. There’s still continuing conversations about it. But it’s not about us imposing. In fact, we’re listening. It should be both ways,” he said.

The SEC was previously hoping to push through with the proposed hike in charges and fees this year.

Aquino, however, said they are not in a hurry to implement the policy.

“It’s subject to ARTA reassessment. We’re waiting for ARTA,” he said.

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

However, the proposed hike met opposition last 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.

The SEC then met with  business groups to address the points the latter raised and hopefully unite the viewpoints of the commission and its stakeholders.

“If you recall, we’re having conversations with some stakeholders groups and we have committed to continue to talk and discuss. After those two meetings, we’ve had positive progress in the discussions,” SEC commissioner McJill Bryant Fernandez said.

Aquino said the SEC is willing to have follow up meetings with the business groups if there is a need.

“We would like to meet with them. As much as possible we’re reaching out. It’s always a consultation. That’s why we always go through the process,” he said.

According to the SEC, the proposed revised schedule of fees and charges was the result of a thorough and careful study.

Before releasing the proposal, it said a dedicated committee was constituted to assess the current fees and charges in relation to operating costs, in order to ensure the sustainability of the commission’s services and fulfillment of its legal mandate.

The commission said the schedule of fees and charges was last updated in 2017, based on a proposal from 2014.

The SEC had committed to hearing all comments and suggestions from its stakeholders before issuing the new and final schedule of fees for its services.