Corporations, partnerships in Cebu up 9.10% in 2015

CEBU, Philippines - The Securities and Exchange Commission-Cebu office saw an increase in corporations and partnerships registered in 2015, with majority of them coming from the services sector.

Data obtained by The FREEMAN showed SEC-Cebu registered a total of 2,121 local corporations and partnerships, up 9.10 percent from 1,944 in 2014, showing signs of continued rising business activity.

 Registered last year consists of 1,424 stock corporations, 535 non-stock and 162 partnerships.

 Registered stock firms and partnerships last year posted a cumulative paid-up capital investments and contributions of P1.97 trillion.

 Paid-up capital is the amount of a company’s capital that has been funded by shareholders. Paid-up capital can be less than a firm’s total capital because it may not issue all of the shares that it has been authorized to sell.

 Stock corporations are those that have shareholders. Non-stock firms, on the other hand, are those that have no owners represented by shares of stock.

 More than 75 percent of firms registered are in the services sector, followed by industry and agriculture.

 The Philippine Statistics Authority said that as of 2014, the services sector accounted for more than half the Central Visayas economy estimated to worth P464.7 billion in that year.

 Data from PSA would show that services – which include wholesale and retail trade, hotels and restaurants, transportation, financial services, real estate and education, among others – grew 6.6 percent in 2014.

Industry covers mining and quarrying, manufacturing, construction, and electricity, gas and water supply. Agriculture includes hunting, forestry, fishing and farming.

Filing

Meanwhile, SEC earlier released the guidelines for the filing of annual audited financial statements and general information sheet as required by the Corporation Code and the Securities Regulation Code.

 In a statement, SEC Chairperson Teresita Herbosa urged all companies to file their annual reports early and not wait for the deadline.

 Before April 18, 2016, all corporations may file their reports regardless of the last numerical digit of their registration or license number. (FREEMAN)