By Zinnia B. Dela Peña, The Philippine Star
Posted at 04/01/2012 3:19 PM | Updated as of 04/01/2012 3:20 PM
MANILA, Philippines -- The Securities and Exchange Commission (SEC) is
seeking to plug loopholes in the Corporation Code in line with efforts
to promote good corporate governance.
SEC chairperson Teresita Herbosa said the agency wants to weed out
delinquent firms and shorten the maximum life of companies from the
maximum of 50 years to only 25 years.
Herbosa said the agency also aims to put more focus on revocation to
make sure only competent corporations operate. "It would be bad for the
business community if corporations whose registration license had
already been revoked would continue to operate," she said.
There are around 700,000 firms registered with the SEC but only about
half are operating and actively complying with the regulatory requirements.
Last year, the SEC chalked in record revenues of P1.4 billion or nearly
twice the agency's target of P800 million.
Herbosa said bulk or 85% of the agency's revenues came from filing fees
from business registration, initial public offering and other share sale
transactions. The remaining 15% of the collections came from penalties
imposed on corporations.
She noted that business registrations have dramatically risen in the
last three years or after the currency crisis that erupted in 2008.
Herbosa said she is optimistic that the SEC will continue to post higher
revenues this year especially with the expected influx of initial public
offerings.
At least three corporations have so far filed their IPO applications
this year. These are East West Banking Corp., GT Capital Holdings and
Calata Corp. I-Pay Commerce Ventures Inc. has also filed its application
to list by way of introduction along with Lopez-owned Rockwell Land.
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