The Securities and Exchange Commission (SEC) is giving non-compliant, delinquent, suspended and revoked corporations until the end of the year to avail of lower fines and penalties for the late and non-filing of their reportorial requirements.

The Commission on 28 November issued SEC Memorandum Circular (MC) 17, series of 2024, providing the Extension of Enhanced Compliance Incentive Plan (ECIP) Applications until 31 December 2024.

ECIP allows delinquent, as well as suspended or revoked corporations, a chance to settle their fines and penalties over failure to submit their annual financial statements (AFS), general information sheet (GIS) and official contact details at significantly lower rates.

In either instance, corporations may apply for ECIP by submitting the Expression of Interest, integrated in their accounts on the Electronic Filing and Submission Tool (eFAST).

Applicant corporations are required to submit their latest due AFS and GIS by 31 December 2024.

Non-compliant corporations and those placed under delinquent status may settle their fines and penalties for only P20,000.

Those with suspended and revoked registrations need to pay only 50 percent of their assessed fines and penalties, plus P3,060 to process their petition to lift an order of suspension or revocation.

In addition to the AFS and GIS, corporations whose Certificates of Incorporation have been suspended or revoked need to submit the Petition to Lift Order of Suspension or Revocation, along with other supporting documents such as Directors’ or Trustees’ Certificate, proof of ongoing operations, Secretary’s Certificate of No Intra Corporate Controversy, and MC 28 compliance, among others.

Such documents should be submitted to the designated SEC email addresses. Corporations based outside of Metro Manila must submit the requirements to the concerned SEC Extension Office.

As of 28 November, more than 3,200 corporations have already applied and paid the corresponding ECIP fees.