SEC deadlines set under strict penalties

SEC deadlines set under strict penalties | Daily Tribune

The Securities and Exchange Commission (SEC) has set deadlines for corporations to submit their annual financial statements (AFS) and general information sheets (GIS), with strict enforcement of penalties for noncompliance.

“All corporations must faithfully comply with reportorial requirements every year,” SEC Chairperson Emilio B. Aquino said over the weekend. “We urge companies to track their deadlines to avoid fines for noncompliance.”

The SEC also warned that repeated failure to file could result in the suspension or revocation of corporate registration.

“We will be strictly implementing this authority as part of our efforts to enhance regulatory oversight,” Aquino added.

Corporations with at least P600,000 in total assets or liabilities must submit audited AFS, while foreign corporations operating in the Philippines are subject to similar requirements based on financial thresholds.

Companies below the threshold may submit statements certified by their treasurer or chief financial officer.

Online filings needed

All filings must be made online through the SEC’s Electronic Filing and Submission Tool (eFAST), in line with the zero-contact policy under the Ease of Doing Business Act. The SEC will not accept submissions over the counter or via courier.

Corporations with a fiscal year ending 31 December 2024, must file AFS based on their SEC registration or license number, with staggered deadlines from 2 May to 11 July. Entities with different fiscal years must file within 120 days of their year-end.

The GIS must be submitted within 30 days of the company’s annual stockholders’ or members’ meeting, or for foreign corporations, on their license anniversary date.

One Person Corporations are exempt but must submit an appointment of officers form within 15 days of incorporation or five days after any changes.

Failure to meet formal filing requirements under the Securities Regulation Code will result in penalties, regardless of the SEC’s acceptance of the documents.