SEC reminder: Amnesty ending

The Securities and Exchange Commission or SEC is encouraging non-compliant and suspended or revoked corporations to avail of the amnesty program of the regulator so they can start on a clean slate in 2024.
Corporations have until 31 December to avail of the SEC amnesty program.

Under the amnesty program, corporations can pay a fixed rate of P5,000, regardless of the number of reports and years they failed to submit their reports.

Failure to avail of the amnesty will subject non-compliant and suspended or revoked corporations to a new scale of fines that will be implemented starting January 2024.
On the other hand, suspended and revoked corporations are required to pay only 50 percent of their total assessed fines, in addition to a P3,060 petition fee.
In October, the SEC released a list of 22,403 corporations at risk of having their certificates of incorporation revoked for failing to submit their general information sheets or GIS within five years from the date of incorporation.

A separate list covering 298,335 corporations that have failed to submit their GIS three times consecutively or intermittently within five years has also been released.
These corporations are encouraged to take advantage of the amnesty program to avoid getting their corporate registrations revoked or labeled as delinquent.

Availing of the amnesty will also allow them to continue enjoying the benefits and privileges of being a registered business in the Philippines.

The amnesty program was launched in March to enhance compliance with reportorial requirements.

It allows non-compliant and suspended or revoked corporations to pay a reduced penalty for late and non-filing of their GIS, Annual Financial Statement or AFS, and official contact details required under SEC Memorandum Circular 28.
Corporations that avail of the amnesty only need to answer an expression of interest form on their SEC Electronic Filing and Submission Tool or eFAST accounts and pay the amnesty fee.