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SEC warns at least 298,000 firms at risk of being on delinquent list

THE Securities and Exchange Commission (SEC) has renewed its call for entities under its watch to avail of the agency’s amnesty program as it named more than 298,000 ordinary corporations that risk being classified as delinquent.

In a notice posted on its website, the SEC told 298,335 corporations to apply for amnesty after they failed to submit their general information sheet (GIS) as required under Republic Act No. 11232 or the Revised Corporation Code of the Philippines (RCC).

The SEC previously announced that the deadline for its amnesty program had been extended until Nov. 6 from Sept. 30.

“Based on the records of the Commission as of Oct. 12, the corporations appearing in the attached list have failed to submit their GIS for three times consecutively or intermittently within a five-year period. In this light, they are advised to avail of the SEC amnesty program before they are placed under delinquent status pursuant to Section 177 of the RCC,” the SEC said. 

“Section 177 of the 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 Commission,” the corporate regulator added. 

The SEC said that the corporations included in the list could avail of the amnesty program by filing an online expression of interest to avail of amnesty on or before Nov. 6, and the latest due annual financial statement and GIS on or before Dec. 4.

Recently, the SEC issued a list covering 22,403 ordinary corporations that are in danger of having their certificates of incorporation revoked after failing to submit their GIS within five years from the date of their incorporation. 

Under Section 21 of the RCC, if a corporation does not formally organize and commence its business within five years from the date of its incorporation, its certificate of incorporation is deemed revoked as of the day after the fifth year.

“We reiterate our reminder to corporations to avail of the SEC amnesty program now, to avoid getting their certificates of incorporation revoked, or to avoid being placed under delinquent status,” SEC Chairperson Emilio B. Aquino said in a statement.

“Corporations’ timely submission of their annual financial statement, GIS, and other reportorial requirements is vital in maintaining a healthy and vibrant corporate sector, as this helps us identify active versus inactive corporations, enhance and organize the commission’s digital database, and protect the public from fraud,” he added.

Launched in March, the SEC’s amnesty program gives a reprieve for companies from the fines and penalties imposed due to the late or non-filing of their GIS and annual financial statements, and noncompliance with Memorandum Circular No. 28, Series of 2020.

Corporations that fail to avail of the amnesty program will also face higher fines, which will be implemented starting Nov. 7. — Revin Mikhael D. Ochave

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