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THE Securities and Exchange Commission (SEC) is calling for collaboration with capital market participants to enhance the competitiveness of the country’s financial markets, following President Ferdinand R. Marcos, Jr.’s directive to streamline the agency’s processes.

“We call on all capital market participants to join the SEC in enhancing the global competitiveness of our markets. Through collaboration and a firm commitment to reform, we believe that we can create a financial sector that both local and international investors can trust,” SEC Chairperson Francisco Ed. Lim said in an e-mail statement over the weekend.

Mr. Lim said this as President Ferdinand R. Marcos, Jr. directed the SEC last week to streamline its procedures, remove bureaucratic bottlenecks, and reduce transaction costs following the effectivity of Republic Act No. 12214, or the Capital Markets Efficiency Promotion Act (CMEPA), on July 1.

“The SEC stands ready to deliver on this mandate with urgency, integrity, and accountability,” Mr. Lim said.

“We are confident that the enactment of CMEPA will help the commission in expanding accessibility of investment opportunities to more Filipinos, thereby encouraging them to invest in the capital market,” he added.

CMEPA, signed by Mr. Marcos on May 29, allows for the reduction of the stock transaction tax (STT) to 0.1% from the previous 0.6% to boost local stock market activity.

It also lifts the documentary stamp tax on mutual funds and unit investment trust funds and imposes a 20% uniform final tax rate on interest income.

Meanwhile, the SEC said all its departments and offices have been directed to prioritize the resolution of applications and requests pending before the commission, in line with the time frames mandated by law.

The corporate regulator will also continue to invest in technology to further improve its systems, enhance accessibility, and increase operational efficiency, it said.

The SEC recently opened a public assistance and complaints desk at its headquarters in Makati City.

It also issued Memorandum Circular No. 6, which reduces by 50% the rates for documents requested from the SEC, including articles of incorporation, by-laws, and general information sheets, among others. — Revin Mikhael D. Ochave