SEC-Cebu calls on firms to submit reports on time

CEBU, Philippines —  The Securities and Exchange Commission–Cebu Extension Office (SEC-CEO) is calling on corporations and their authorized filers to observe the deadlines in the submission of annual reports online.

Lawyer Alma Marie Dalena, SEC-CEO officer-in-charge, made this pronouncement following the launching of the online submission tool (OST) portal which went online starting March 15, 2021.

The OST can be accessed through https://cifss-ost.sec.gov.ph.

Stock corporations and its authorized filers will need to enroll first in the portal before they can submit their digital reports, she said.

“We will no longer accept submissions through email, mail or courier and drop boxes in SEC unless they encountered problems during the enrollment or submission process,” Dalena emphasized.

Filers will have to submit screenshots of the corresponding notice generated by the OST.

For nonstock corporation, they still have the option to submit their reports over the counter, but will be required to enroll in and submit their reports through the portal by 2022, she said.

The following deadlines must be followed:  Corporations shall submit their General Information Sheet (GIS) within 30 calendar days following their respective annual or actual meetings.

For their Annul Financial Statement (AFS), corporations whose fiscal year ended on December 31, 2020, will submit based on the last numerical digit of their SEC registration or license numbers; 1 : June 1 to 30; 2 : July 1 to 31; 3 and 4 : August 1 to 31; 5 and 6 : September 1 to 30; 7 and 8 : October 1 to 31; 9 and 0 : November 1 to 30.

Corporations also have the option to file ahead of the prescribed filing dates through the OST.

Those whose fiscal year ends on a date other than December 31 should file their AFS within 120 days from the end of their fiscal year. Meanwhile, publicly listed companies and other issuers of securities should file their AFS within 105 days after the end of their fiscal years.

Corporations whose AFS are audited by the Commission on Audit (COA) may submit outside the prescribed filing schedule, provided they attach an affidavit and a letter from COA attesting to the timely submission of their financial statements and supporting documents to the state auditor.

Corporations required to submit the General Form for Financial Statements (GFFS), and Special Form for Financial Statements (SFFS) will have 30 days from the deadline of their AFS submission to comply using the OST. The SEC will no longer require the certification under oath, previously prescribed under SEC Memorandum Circular No. 6, Series of 2006.

Meanwhile, Dalena said partnerships are not required to submit their GIS and AFS.

“We understand that there is still confusion but rest assured this new service will help our stakeholders in making transactions with us easier and convenient,” she said.