The Securities and Exchange Commission (SEC) has granted a final one-month extension of the amnesty application of non-compliant and suspended or revoked corporations, before a new and more punitive scale of fines and penalties come into effect.
Corporations that have incurred penalties for late and non-filing of annual financial statements, general information sheets and official contact details have until 6 November to file their amnesty applications under SEC Memorandum Circular 17 – 2023.
Corporations may avail of amnesty by completing the web-based expression of interest form on their SEC electronic filing and submission tool accounts.
Corporations who seek amnesty by 6 November must then submit the complete set of amnesty requirements through eFAST by 4 December this year.
For non-compliant corporations, their latest due GIS and AFS must be uploaded and submitted on eFAST before the same December date.
Suspended and revoked corporations must submit their petition to lift the 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 certificate 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 4 December this year.
Should an applicant fail to submit the complete set of requirements by 4 December, the amnesty fee paid as well as the P3,060 petition fee initially collected is 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,” he said.
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 No. 11232, or the Revised Corporation Code of the Philippines (RCC).
