Firms urged to avail of SEC amnesty

MANILA, Philippines — The Securities and Exchange Commission (SEC) is urging over 22,400 corporations to avail of its amnesty program to keep their certificates of incorporation from being revoked.

The SEC said that based on its records as of Oct. 12, a total of 22,402 corporations have failed to submit their general information sheet (GIS) within five years from the respective dates of their incorporation.

The Revised Corporation Code of the Philippines (RCC) provides that every corporation, domestic or foreign, doing business in the Philippines shall submit to the SEC annual financial statements and a GIS, among other reportorial requirements, annually and within such period as may be prescribed by the SEC.

The RCC states that if a corporation does not formally organize and commence its business within five years from the date of its incorporation, its certificate of incorporation shall be deemed revoked as of the day following the end of the five-year period.

“In this light, they are advised to avail of the SEC amnesty program before their certificates of incorporation are revoked pursuant to Section 21 of the RCC,” the commission said.

To avail of amnesty, the SEC said a corporation must file an online expression of interest to avail of amnesty on or before Nov. 6, and a petition to lift order of revocation and latest due annual financial statements and GIS on or before Dec. 4.

The SEC said the list of corporations with revoked certificates of incorporation would be finalized after the amnesty program.