SEC extends deadline for amnesty application

MANILA, Philippines — The Securities and Exchange Commission (SEC) is extending the deadline for applications for amnesty for late and non-filing of annual financial statements (AFS), general information sheets (GIS) and official email addresses and mobile phone numbers.

Eligible companies now have until June 30 to finish their amnesty applications. Moreover, applicants now have 90 days, instead of 45 days, from the date of payment to submit their latest due financial statements.

The Commission granted the extension through SEC Memorandum Circular No. 6, Series of 2023, issued on April 25.  

The SEC launched the amnesty program for non-compliant corporations, as well as those whose certificates of registration have been suspended or revoked, for their failure to submit their AFS and GIS on time, in the middle of March through SEC Memorandum Circular No. 2, Series of 2023.

The amnesty program is part of the Commission’s efforts to encourage its supervised entities to comply with their reportorial requirements under Republic Act No. 11232, or the Revised Corporation Code of the Philippines.

In turn, the compliance of corporations with their reportorial requirements will allow the SEC to prudently identify active and inactive corporations, enhance and organize its digital database for better monitoring and enforcement and cultivate a healthy and vibrant corporate sector.

With the number of companies expressing interest to avail of the amnesty program and considering the overlap in the deadlines for the submission of similar requirements to the Bureau of Internal Revenue and the SEC, the Commission deemed it necessary to allow eligible companies more time to avail of amnesty. 

After the extended deadline of June 30, an updated scale of fines and penalties for the covered reportorial requirements shall be implemented.

Disclaimer: This post is in partnership with Securities and Exchange Commission.