The Securities and Exchange Commission (SEC) is considering extending the deadline of its amnesty program further as representatives of business groups sued for more time before sitting down to discuss their complaint of the higher fees and charges to be implemented.

In a press briefing Thursday, Oct. 12, SEC Chairperson Emilio B. Aquino said only three of the 11 groups, led by the Philippine Chamber of Commerce and Industry and Federation of Filipino Chinese Chambers of Commerce and Industry sent representatives to the meeting immediately called by the SEC following the groups’ release of a statement to the media.

“Apparently they were not ready,” Aquino said noting that they only sent representatives who begged for time.

He said, “we are going to give them that opportunity—at least the principals and not just representatives” while noting that these business leaders may also be very busy.

In the meantime, Aquino said they may extend the amnesty program maybe up to Nov. 6, 2023 (because of the coming holidays due to Barangay elections and the All Souls’ and All Saints’ days) for delinquent corporations to file their reportorial requirements.

“We have been adjusting, and adjusting, and adjusting (the deadline). That’s exactly because we are pro-business and because we want to encourage (companies to comply) because the very spirit of the  RCC (Revised Corporation Code) is to encourage continuity and all that,” said Aquino.

In a statement, the SEC welcomed the points and notes the concerns raised by business groups led by the  PCCI, FFCCCI, 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 Philippine Food Processors and Exporters Organization, Inc.

“The SEC assures stakeholders that any adjustments in the fees and charges collected from the transacting public are carefully studied to ensure that they are commensurate with the cost of regulating the corporate sector and capital market, and reasonable such that no unnecessary burden shall be passed onto the transacting public,” it noted.

The SEC pointed out that the revised schedule of fees and charges was released as early as Aug. 2, 2023 for the purpose of soliciting comments, suggestions and/or inputs from stakeholders and that it has yet to implement any adjustments in the current schedule of fees and charges.

“Upon receipt of the (the groups’) letter on October 9, 2023, the SEC immediately scheduled a roundtable discussion with the concerned business groups on Thursday, October 12, 2023, to address the points raised in their letter,” the SEC said. 

It added that, “the meeting will seek to unite the viewpoints of the Commission and its stakeholders toward ensuring that the new schedule of fees continues to advance the Marcos administration’s thrust of promoting business and capital formation in the country.”

“Any policy must be thoroughly discussed and debated. Accordingly, public consultation has been integral in the policy-making process of the SEC, in line and even beyond the requirements of the law," it said.

“The Commission is committed to hearing all comments and suggestions from its stakeholders before issuing the new and final schedule of fees for its services,” the SEC also said. 

It further noted that, “in the same manner, the Commission has always been committed to transparent and accurate data in the interest of fairness to all concerned."