The Securities and Exchange Commission Cebu Extension Office (SEC-CEBEO) reported on Wednesday that 30,197 active or registered companies are currently operating in Central Visayas.
SEC-CEBEO Director Sheara L. Lupango-Tamayo stated that the data was accurate as of September 2024.
These companies include 21,540 stock corporations, 3,728 non-stock corporations, and 4,872 partnerships.
She also disclosed that 3,042 companies were newly registered between 1 January 1 and 31 October 2024.
However, Lupango-Tamayo expressed concern about the massive number of corporations facing compliance issues with the SEC or those failing to submit annual reports.
“In February 2024, a total of 117,885 companies were suspended by the Commission, 5,115 of which fall under the jurisdiction of the Cebu Extension Office,” she revealed.
She stressed the importance of adhering to reportorial requirements, warning that failure to submit annual reports three times consecutively or intermittently within five years could lead to a corporation being classified as delinquent.
Nationally, there are 511,712 active companies as of September 2024. Stock corporations account for 302,564 of these, while 85,726 are non-stock corporations, and 123,422 are partnerships.
A significant number of registered companies—110,918 or 22%—are engaged in wholesale and retail trade and the repair of motor vehicles and motorcycles.
To help corporations maintain or regain active status with the SEC, the Commission is offering the Enhanced Compliance Incentive Plan (ECIP). This program allows non-compliant, delinquent, suspended, and revoked corporations to settle fines and penalties at reduced rates.