Digging deep into the ongoing flood corruption scandal comes at a price – literally, and for journalists, a hefty one.
The Securities and Exchange Commission (SEC) said that it has been made aware of the concerns raised by some media practitioners regarding the fees collected for accessing annual financial statements and general information sheets of corporations, in relation to the ongoing probe against companies involved in anomalous flood control projects.
Akbayan party-list Rep. Chel Diokno said earlier this month that government agencies should make access to important documents related to investigative reports free of charge.
If that is not possible, he said agencies should instead impose a lower fee to access these documents, noting the vital role journalists play in uncovering anomalies and promoting accountability.
Diokno made the statement after learning from journalists about the cost of accessing records from the SEC.
At a recent Senate hearing, WeSolve Foundation president Kenneth Abante revealed that some journalists spent P30,000 to obtain files from the SEC regarding companies owned by former Ako Bicol party-list Rep. Zaldy Co, who has been implicated in the alleged irregularities in flood control projects.
In a statement to The STAR, the SEC said that it is fully committed to supporting efforts to tackle corruption in both the public and private sectors.
‘In this light, the commission recognizes how greater transparency in the ownership and operations of corporations could further help in the prevention, as well as in the investigation and prosecution of corruption,’ the SEC said.
‘To this end, the SEC has allowed public access to registration and reportorial requirements, and other information concerning corporations it supervises and regulates,’ it said.
Through the years, the SEC said that it has made access to such documents even more efficient and convenient by developing and implementing updated digital systems.
It said that such moves were done not only in compliance with provisions of the Revised Corporation Code in 2019, but more importantly to facilitate public access to corporate documents.
‘Owing to these digital systems, the SEC has been able to deliver on the requests of both houses of Congress, agencies from the Executive department and other fact-finding bodies in relation to copies for corporate documents necessary to carry out their respective mandates and inquiries,’ the commission said.
‘Moreover, lodging these records in updated IT systems has enabled the forging of data-sharing agreements with law enforcement agencies, among others, which allows for real-time or close to real-time access to corporate data,’ it said.
The SEC, however, noted that the fees collected for accessing corporate documents are necessary to cover the administrative and operational expenses incurred for the upkeep and continued development of the document management system.
‘Nevertheless, following the installation of more efficient systems and organizational changes over time, and in keeping with the commitment to continuously review fees and charges in all services, the SEC managed to implement a 50-percent reduction in the fees charged for requests for corporate documents starting July 1, 2025,’ the commission said.
‘This will be followed by cost-effective reforms in the modes by which the requested documents are delivered to requesting parties,’ it added.
SEC issued on June 24 Memorandum Circular 6, Series of 2025, which outlines the prescribed rates for requesting physical and digital copies of documents filed by registered entities with the commission.
Under the new rates, physical and authenticated copies of company filings may be requested for P1,000 each, half of the previous price of P2,000. These company filings include articles of incorporation and by-laws, AOI or amended AOI, by-laws or amended by-laws, general information sheet, increase in capital stock, resolution, secretary’s certificate, board resolution, registration data sheet and deed of assignment.
Authenticated copies of other documents may be purchased for P50 per page under the new rates, down from P100 per page previously.
Plain copies of the same documents, meanwhile, cost P750 each, instead of the old rate of P1,500.
Other documents are now priced at P25 per page, from P50 per page under the old rates.
For digital copies of the same types of documents accessible through the Electronic SEC Education, Analysis and Research Computing Hub or eSEARCH, standard rates have been set at P625 for each authenticated copy and P375 for each plain copy, representing a 50 percent reduction from the previous prices of P1,250 and P750, respectively.
In a social media post, one journalist said that while the documents are now cheaper, costs still pile up when dozens are needed.
On its end, the SEC said that it remains open to collaborating with government agencies and private sector partners to further improve public access to corporate records, ‘without compromising the viability and sustainability of its operations.’