New SEC chief vows action on backlogs

Newly appointed Securities and Exchange Commission (SEC) Chairperson and CEO Francis Edralin Lim has pledged to fast-track the resolution of all pending applications and initiate a review of regulatory fees to make the capital market more efficient and inclusive.

“Our first order of business is urgent and clear: resolve all pending applications quickly and responsibly. The law sets clear timeframes. While we recognize the complexity of our work, we must uphold the standards,” Lim said during the ceremonial turnover on Tuesday at the SEC headquarters.

“We will build on the practice of aging our deliverables across all departments and units — because service delayed is service denied,” he added.

Lim said easing the backlog of applications would not only improve market efficiency but also support the country’s push to catch up with its regional peers in capital market development.

Instead of introducing a slew of new reforms, Lim said the SEC under his leadership will prioritize simplifying existing rules and improving implementation to spur growth.

“Let’s also be honest: the Philippine capital market has been lagging behind. Inclusive growth demands deeper, broader, and more accessible capital markets,” he said.

A former president of the Philippine Stock Exchange, Lim said he aims to pursue reforms that will reduce the regulatory cost burden on smaller firms and encourage broader participation in the market.

“We will definitely explore reasonable reductions in our fees, particularly for MSMEs. Regulation must support, not suffocate,” he said.

To ensure strategic focus, Lim said he will personally oversee the SEC’s day-to-day operations while assigning administrative responsibilities to the agency’s Commissioners. This setup, he explained, will allow him to concentrate on key initiatives and inter-agency coordination.

Over the longer term, Lim said he intends to revive efforts to pass the Capital Market Competitiveness Act. He is also eyeing the potential listing of viable government-owned and -controlled corporations, as well as state financial institutions.