The Securities and Exchange Commission (SEC) has issued a stern reminder about enforcing the Revised Corporation Code of the Philippines (RCC) and imposing penalties on non-compliant companies. On October 18, the SEC published a list of 22,403 corporations that failed to submit their General Information Sheet (GIS) within five years of incorporation. Consequently, their certificates of incorporation may be revoked, in accordance with RCC Section 177 and Section 21, which require annual financial statement (AFS) and GIS submissions and the commencement of business within five years of incorporation.
Additionally, the SEC released another list of 298,335 corporations that failed to file their GIS three times within five years. Timely submission of AFS, GIS, and other reports is vital for maintaining a vibrant corporate sector, enhancing the SEC’s digital database, and safeguarding the public from fraud, according to SEC Chairperson Emilio B. Aquino.
Enforcing this law ensures that the SEC has up-to-date corporate information, supports the SEC’s anti-money laundering/combating the financing of terrorism (AML/CFT) framework, and aids the country’s removal from the Financial Action Task Force’s “grey list” of “Jurisdictions under Increased Monitoring.”
Companies that don’t comply may face monetary penalties, delinquency status, and suspension or revocation of their certificate of incorporation under the RCC.
An amnesty program is available, encouraging corporations to participate to prevent the revocation of certificates of incorporation and delinquent status. The deadline for application is November 6, and requirements must be submitted by December 4. Failing to avail of the amnesty may result in higher fines and penalties, with basic penalties increasing up to 1,900 percent based on updated scales effective from November 7.
To access the amnesty program, corporations can use the online Expression of Interest form on their SEC Electronic Filing and Submission Tool (eFAST) accounts. Non-compliant corporations must upload and submit their latest GIS and AFS on eFAST by December 4. Suspended and revoked corporations need to submit petitions to lift their suspension or revocation on eFAST, along with their latest GIS and AFS, within the same period.
Additional requirements may be requested from suspended and revoked corporations and must be submitted to the SEC Company Registration and Monitoring Department or the nearest SEC Extension Office via email by December 4. Failure to meet these requirements will result in the forfeiture of the amnesty fee and the P3,060 petition fee initially collected from suspended or revoked corporations.
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