SEC extends deadline for FS, amnesty filings

MANILA, Philippines — The Securities and Exchange Commission (SEC) is giving its regulated entities more leeway in filing regulatory requirements.

The corporate watchdog has extended the deadline for applications for amnesty for late and non-filing of annual financial statements (FS), general information sheets (GIS), and official email addresses and mobile phone numbers.

With the extension, eligible companies now have until June 30 to finish their amnesty applications. Moreover, applicants now have 90 days, instead of 45 days, from the date of payment to submit their latest due financial statements.

The SEC launched the amnesty program for non-compliant corporations, as well as those whose certificates of registration have been suspended or revoked, for their failure to submit their FS and GIS on time, in the middle of March.

The SEC said the move is to encourage its regulated entities to comply with their reportorial requirements under Republic Act 11232 or the Revised Corporation Code of the Philippines. It would also enable the SEC better supervisory powers over corporations in the Philippines.

Furthermore, compliance of corporations with their reportorial requirements will allow the SEC to prudently identify active and inactive corporations, the agency said.

This, in turn, would enhance and organize its digital database for better monitoring and enforcement, and cultivate a healthy and vibrant corporate sector.

The SEC said many companies are planning to avail of the amnesty program given the overlap in the deadline for the submission of similar requirements to the Bureau of Internal Revenue.

After the extended deadline of June 30, an updated scale of fines and penalties for the covered reportorial requirements shall be implemented, the SEC said.