SEC extends deadline for filing annual reports

MANILA, Philippines — The Securities and Exchange Commission (SEC) has extended for two months the deadline for filing annual reports and financial statements.

In an en banc meeting, the SEC said companies with fiscal years ending between Jan. 31 and March 31 may submit their annual reports and audited financial statements within 60 calendar days from the regular filing deadlines.

The SEC approved the extension in light of the Luzon-wide enhanced community quarantine imposed by the government since March 15 because of the coronavirus disease 2019 or COVID-19 pandemic.

The companies have until July 14 to file their annual reports and financial statements.

Meanwhile, a corporation other than a publicly listed company and an issuer of registered securities with the same fiscal year may submit its audited financial statements until July 29, 2020.

The SEC also granted companies with fiscal years ending April 30 an extension of 45 calendar days from the regular filing deadline.

All other corporations may submit their audited financial statements until Oct. 12.

The extensions apply automatically. Companies don’t need to file requests.

Despite relaxing some regulatory requirements, the SEC said companies must continue to disclose all material information on a timely basis.

“Where the company’s operations are materially affected by the COVID-19 pandemic, disclosures on the financial impact or any other material aspects should be made immediately,” the SEC said.

For companies with domestic and foreign operations, the filing period was extended until June 30, 2020 or 60 days from the lifting of travel restrictions, whichever comes later.

The SEC earlier granted corporations with fiscal years ending November 30, 2019 and December 31, 2019 more time to submit their annual reports and audited financial statements as well as quarterly reports, following the outbreak of COVID-19.

Affected corporations with domestic operations were given until June 30, 2020 to file their annual reports and audited financial statements, the SEC also said.