SEC reforms translate to millions in savings for MSMEs, other corporations

Thousands of corporations, including micro, small and medium enterprises (MSMEs), have received over P80 million in discounts across more than 40,000 transactions with the Securities and Exchange Commission (SEC), stemming from recent corporate sector reforms. Since July, the SEC has issued three memorandum circulars aimed at encouraging the incorporation of MSMEs and further streamlining the registration process for companies tapping the capital market. Based on preliminary data as of October 19, the Commission has accommodated 40,157 transactions under these rules, collectively providing P80.3 million in discounts to the transacting public—with more than half or P40.9 million going to MSMEs. “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,” SEC Chairperson Francis 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. SEC Memorandum Circular No. 6, Series of 2025 (MC 6), which took effect on July 1, provided a 50 percent discount on the physical and authenticated copies of company filings, including the articles of incorporation and by-laws, general information sheet, and annual financial statements, among others. The reduced rates for such documents and other IT-related services of the Commission under MC 6 has since provided over P36.5 million in discounts to the transacting public. Meanwhile, MC 8 provided discounted rates for certain filing fees to support the growth of MSMEs following its release on July 16. The SEC has since allowed a total of 8,506 MSMEs, which registered as corporations, to accumulate P21.4 million in discounts for their registration fees. Over 200 MSMEs that applied for an increase in their authorized capital stock also saved more than P19.4 million in line with the MC. Companies tapping the capital market likewise secured around P3 million in discounts thanks to MC 9, which provided a 30 percent discount for the assessed registration fees of all registration statement applications until December 31, 2025, among others. “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,” Chairperson Lim said.