The Securities and Exchange Commission Cebu Extension Office (SEC-CEBEO) recently revealed that there are 30,197 active or registered companies operating in Central Visayas.
SEC-CEBEO director Sheara L. Lupango-Tamayo said the data was as of September 2024 and the firms comprise 21,540 stock corporations, 3,728 non-stock corporations and 4,872 partnerships.
She also cited a record of 3,042 newly-registered companies from 1 January to 31 October 2024.
However, Lupango-Tamayo said that the massive number of corporations that have issues with the SEC or that have failed to submit annual reports.
“In February 2024, a total of 117,885 companies were suspended by the Commission, 5,115 of which belong under the Cebu Extension Office’s jurisdiction,” said Lupango-Tamayo.
She also stressed the importance of complying with reportorial requirements, as failure to submit annual reports three times consecutively or intermittently within a period of five years is a ground to place a corporation under delinquent status.
As of September 2024, there are 511,712 active companies in the country.
Stock corporations reached 302,564, while 85,726 are non-stock corporations, and 123,422 are partnerships.
A substantial number of SEC-registered companies, totaling 110,918 or 22 percent are engaged in Wholesale and Retail Trade; 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, which will give non-compliant, delinquent, suspended, and revoked corporations an opportunity to settle their fines and penalties at a lower rate.