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The Securities and Exchange Commission (SEC) said it has lowered the minimum commission stockbrokers can charge to clients facilitating trade in the stock market.
The new rule, contained in the SEC’s SEC Memorandum Circular No. 7, Series of 2024, providing for the removal of the minimum commission charged by Philippine Stock Exchange (PSE) stockbrokers, aims to spur activity in the stock market.
The new rule scraps the decades-old 1.5 percent of the trade value commission used by the stock trading community and lets brokers set their own commission schedule for transactions with their customers, without the limitations of a prescribed regulatory minimum commission.
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The 1.5 percent rules hails from a 1977 resolution by the SEC.
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