LBC Express (PSE:LBC) paid a penalty of 120,000 Philippine pesos to the Philippine Securities and Exchange Commission (SEC) over non-compliance with corporate governance reporting rules.

The regulator had initially imposed a higher fine for the company's failure to upload its 2014 Annual Corporate Governance Report, according to a Friday Philippine bourse filing.

The logistics company, however, argued that it should not have been penalized, citing the SEC's five-year retention rule.