SEC extends filing of financial reports

CEBU, Philippines —  The Securities and Exchange Commission (SEC) has extended the deadlines for the submission of annual reports and audited financial statements of companies with fiscal years ending in the middle of the COVID-19 pandemic.

The Commission resolved to allow companies with fiscal years ending between January 31 and March 31 of this year to submit their annual reports and/or audited financial statements within 60 calendar days from the regular filing deadlines.

On the other hand, 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 or 60 days from the original May 30, 2020 deadline.

SEC also granted companies with fiscal years ending April 30, 2020 an extension of 45 calendar days from the regular filing deadline.

Aside from that, the deadline for the submission of quarterly reports for the first quarter of the covered companies for a period of 45 calendar days from the regular filing deadlines has also been extended and does need request.

For publicly listed companies and other issuers of registered securities under the supervision of the SEC Markets and Securities Regulation Department shall file the special disclosure form, SEC Form 17-LC, at least five calendar days before the regular filing deadline.

Publicly listed companies shall continuously observe their disclosure obligations under Republic Act No. 8799, or The Securities Regulation Code, and Philippine Stock Exchange’s Consolidated Listing and Disclosure Rules and all material information must be disclosed on a timely basis.

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

According to SEC Cebu Extension Office (SEC-CEO) officer-in-charge, Atty. Alma Marie E. Dalena, the Commission will continue to assess the impact of the pandemic on corporations, including the preparation of their reports.

“The Commission is mindful of the difficulty in preparing the reports as well as its actual submission to the office, thus, the deadline for filing is extended again,” Dalena said.

Dalena also encouraged clients of the Cebu Extension Office to submit their reports via email to [email protected] while the city is still under enhanced community quarantine. This does not need to be notarized, as long as there are electronic signatures from the required signatories.

However, once the quarantine is lifted, clients must attest that they shall submit the notarized hard copies to the SEC Cebu Extension Office or they can submit the notarized hard copies of their reports at the designated drop box available outside the office or ask assistance from the security guard on duty.

With the extension of the ECQ, SEC-CEO will remain restricted from accepting walk-in transactions.

Meanwhile, SEC has identified five unauthorized entities last week including Aquitek Food Trading(Aquitek), World of Captcha (WOC), Friend$hip/Friend$hip Philippines, My Gold REv/My Gold Rev Philippines and Bayanihan Progam of Billy Ford Andrada.

The SEC remains watchful on scammer especially in the time of this pandemic where more people are getting vulnerable and desperate to earn some money.  FPL (FREEMAN)