SEC’s online submission tool to start next month

MANILA, Philippines — Corporations and partnerships will soon be able to file their audited financial statements (AFS,General Information Sheet (GIS) and other annual reports in digital format and remotely through a newly developed online submission tool (OST), according to the Securities and Exchange Commission (SEC).

In a draft memorandum circular released for public comment, the SEC said the move aims to further limit face-to-face interactions during the pandemic, automate business transactions and promote sustainable business practices.

The SEC will roll out the OST in time for this year’s filing season, which can start as early March.

To use the OST, corporations, partnerships, and their authorized filers are required to enroll in the online submission facility by accomplishing the online application form and submitting the required documents, the SEC said.

Furthermore, the SEC will require a corporation or partnership enrolling in the OST to submit a board resolution authorizing its representative to file reports on behalf of the corporation.

The enrollment period will open tentatively on March 15.

Starting this year, the SEC will make it mandatory for all stock corporations to submit their reports using the OST.

Non-stock corporations, meanwhile, will still have the option to submit their reports over the counter this year.

However, by 2022, the SEC will require all non-stock corporations to enroll in and submit their reports through the OST.

Formats in filing reports will be specified in the OST.

“For the GIS, for instance, a filer must submit the accomplished, but unsigned form saved as a multipage portable document format (PDF), as well as the high resolution scan of the signed and notarized document saved as a multipage PDF. The SEC will review the quality of the image of the reports submitted. Once the reports have passed quality assurance, the filer will receive a QR code indicating the final acceptance of the reports,” the SEC said in the draft circular.

Non-confidential reports will be made available on an online portal for the public.

Once the OTP is in operation, the SEC will no longer accept submissions made through email, mail or courier, and provide drop boxes in its offices once the OST goes live.