ELEVEN business groups opposed the proposed increases in regulatory fees and charges by the Securities and Exchange Commission , describing it as money-making schemes in the guise of regulatory enhancements.
“Consistent with the ease of doing business law, we then strongly recommend that SEC submit this proposed policy to check against harmful impacts to business and the economy. We likewise raise the need for exhaustive stakeholder consultation prior to the RIA as part of the regulatory process and due diligence on the part of SEC,” the groups said in the letter dated Oct. 2, 2023.
The groups said the basic principle espoused in Administrative Order No. 31, s. 2012 and DOF-DBM-NEDA Joint Circular No. 1-2013 in fixing regulatory fees is that national government agencies should seek to strike a balance between cost recovery and the socio-economic impact of the impositions. The groups said the increased cost of doing business would also hurt SMEs covered by SEC and/or due to the ripple effects of the fee increases.