The Securities and Exchange Commission (SEC) has again moved the deadline for its program which allows noncompliant and suspended firms to apply for amnesty.
Corporations which have incurred penalties for the late and non-filing of their annual financial statements (AFS), general information sheets (GIS) and official contact details will have until November 6 to file their amnesty applications, according to SEC Memorandum Circular No. 17, Series of 2023.
They may avail of amnesty by accepting the web-based Expression of Interest form on their SEC Electronic Filing and Submission Tool accounts.
Corporations that will file their amnesty applications by November 6, must then submit the complete set of amnesty requirements through eFAST by December 4.
For noncompliant corporations, their latest due GIS and AFS must be uploaded and submitted on eFAST before December 4. Suspended and revoked corporations must submit their respective petitions to lift their suspension or revocation on eFAST, along with their latest GIS and AFS, within the same period.
For suspended and revoked corporations, additional requirements, such as copies of their certificates of incorporation, latest mayor’s or business permits, and certificates of registration with the Bureau of Internal Revenue must be submitted to the SEC Company Registration and Monitoring Department or to the nearest SEC Extension Office initially through email by December 4.
Should an applicant fail to submit the complete set of requirements by December 4, the amnesty fee paid, as well as the P3,060 petition fee initially collected from suspended or revoked corporations, will be forfeited in favor of the SEC.
“The final extension of the amnesty period is a compassionate allowance granted by the SEC to corporations who repeatedly fail to comply with their reportorial requirements,” SEC Chairman Emilio B. Aquino said.
“More than 54,000 corporations have already availed of the amnesty since we launched this program in March. We encourage more companies to take this opportunity to avoid higher fines and penalties once new guidelines are released in November.”
The amnesty program is part of the commission’s efforts to encourage its regulated entities to comply with the reportorial requirements set under Republic Act 11232, or the Revised Corporation Code of the Philippines.