Corporate regulator proposes new fines for errant companies

Under a proposed scale of fines, only public firms will be penalized P25,000 plus P500 per day until they submit the missing documents, with the penalties doubling for subsequent violations until the third offense.

Ma. Gracia Casals-Diaz, head of the SEC’s Office of the General Accountant, said the rules were being amended as part of the function of regularly enhancing regulations.

“We want the fines to reflect the public interest involved in existing companies,” she said in a telephone interview.

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