Reportorial Requirements Submitted by Corporations shall be accepted and considered complete and accurate. Any Inaccuracy, incompleteness, and/or false or misleading information in the submitted reports shall be penalized accordingly.

Pursuant to Sec. 162 of Republic Act No. 11232 otherwise known as the Revised Corporation Code.

“Any person who willfully certifies a report required under this Code, knowing that the same contains incomplete, inaccurate, false, or misleading information or statements, shall be punished with a fine ranging from twenty thousand pesos (P20,000.00) to Two hundred thousand pesos (P200,000.00). When the wrongful certification is injurious or detrimental to the public, the auditor or the responsible person may also be punished with a fine ranging from Forty thousand pesos (P40,000.00) to Four hundred thousand pesos (P400,000.00)”

The Electronic Records Management Division (ERMD) of the ICTD shall accept all reports filed in the e-FAST regardless of the forms and contents. ANY INACCURACY, INCOMPLETENESS, FALSE OR MISLEADING INFORMATION IN THE SUBMITTED REPORTS SHALL BE PENALIZED 

The Compliance Monitoring Division (CMD) of the CRMD shall conduct the necessary diligence to ensure that the authorized representatives of the companies who submitted the inaccurate report/s shall be held liable for the corresponding penalty imposed.

Effective November 2, 2022, all inaccurate, incomplete, false, or any misleading information, which can be found in the submitted reports, shall be penalized accordingly by the CMD and/or other Operating Departments monitoring the reports.

No report/s shall be returned to the filers for correction. Amendments shall no longer be allowed unless directed by the Commission.