New guidelines from the Securities and Exchange Commission (SEC) in the Philippines now establish strict timelines for processing most applications, effective from 14 July. These guidelines incorporate a “deemed approved” policy for requests that remain unaddressed past the set period.

This initiative is outlined in Memorandum Circular No. 7, Series of 2025, issued on 10 July. It aims to improve service delivery and enhance the ease of doing business.

Under the new circular, processing times are as follows:

• Simple applications: within three working days.
• Complex applications (requiring evaluation or coordination): within seven working days.
• Highly technical applications (requiring legal/financial review or inter-agency clearances): within 20 working days.
• Transactions under special laws: according to specific statutes or the SEC Citizens’ Charter.

SEC Chairman Francis Lim stated that the policy will remove bottlenecks, eliminate unreasonable delays, and impose discipline in the internal processes. He added that this is to ensure entrepreneurs and investors receive the responsiveness and certainty they deserve.

If the SEC fails to act within these timelines without notifying the applicant of deficiencies, it will “deem approved” the application, provided the applicant has submitted all documentary requirements.

Upon confirming completeness and the lapse of the processing period, the SEC must immediately issue the Payment Assessment Form (PAF). After payment, the SEC must release the requested documents within two working days.

Approvals under the deemed approved rule will be subject to post-approval evaluation. Applicants found to have provided false or misleading information may face administrative penalties, including revocation of approval. It also extends to those who fail to submit the required documents 

Francis also noted, “This is without prejudice to the right of the public to proceed against applicants in case they suffer damage as a result of the applicants’ false or misleading information or failure to comply with the SEC requirements.”

Specific exclusions apply to the new policy, such as ongoing legal or regulatory investigations, fraud, and force majeure.

Additionally, applications experiencing delays due to other government agencies are excluded.

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