SEC launches amnesty program for late and non-filing of financial statements and reports
MANILA — The Securities and Exchange Commission (SEC) of the Philippines has introduced a Grant of Amnesty for Late and Non-Filing of Annual Financial Statements (AFS), General Information Sheets (GIS), and Non-Compliance with SEC Memorandum Circular No. 28, Series of 2020 (MC28).
This initiative is part of the SEC’s ongoing efforts to encourage corporations, including non-government organizations and foundations, to comply with the reportorial requirements outlined in Republic Act No. 11232, also known as the Revised Corporation Code of the Philippines.
The SEC Amnesty Program aims to provide an opportunity for non-compliant and suspended/revoked corporations to settle penalties resulting from their failure to file or late filing of reportorial requirements at a reduced cost.
By doing so, it not only facilitates the regularization of corporate reporting but also contributes to the SEC’s objective of maintaining transparency and accountability in the corporate sector.
Furthermore, this program enables the SEC to systematically distinguish between active and inactive corporations, enhance the organization and integrity of the Commission’s digital database, and foster a robust and dynamic corporate environment in the Philippines.
Through the Grant of Amnesty, the SEC hopes to encourage a broader spectrum of corporations to fulfill their reportorial obligations, ultimately strengthening corporate governance and promoting a more vibrant corporate landscape in the country.
This initiative represents a significant step towards aligning business practices with regulatory standards and fostering a culture of compliance among corporations in the Philippines.
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