SEC eyes further cost cuts for businesses

The Securities and Exchange Commission (SEC) is seeking to further reduce costs for businesses after government data revealed millions of pesos in savings for micro, small, and medium enterprises (MSMEs) and other corporations due to recent reforms.

The regulator said Tuesday it is exploring ways to continuously review its rules and policies to offer greater support to stakeholders.

“The SEC will continue to assess its rules and policies to see where we can provide further assistance to our stakeholders, consistent with our goal of empowering MSMEs and the overall corporate sector to become catalysts for economic growth,” SEC Chairperson Francis Lim said.

Preliminary figures as of 19 October showed that 40,157 transactions have benefited, totaling over P80.3 million in discounts, more than half of which, P40.9 million, went to MSMEs.

Since July, three SEC Memorandum Circulars (MC) have helped businesses save on registration and filing costs.

MC 6 offered a 50 percent discount on company filings, saving over P36.5 million, while MC 8 gave discounted registration fees, helping 8,506 MSMEs save P21.4 million and more than 200 MSMEs save P19.4 million on capital increases.

MC 9 provided a 30 percent discount on registration fees for companies tapping the capital market, adding around P3 million in savings.

“The SEC is taking an active role in the national government’s efforts to further unlock the massive potential of the MSME sector in driving the Philippine economy’s growth,” Lim said.

“By lowering the barriers to entry for small businesses, we are sending a strong message that the corporate sector is an inclusive space where everyone — not just established industry players — can survive and thrive,” he added.