SEC

SEC Memorandum Circular No. 1 Series of 2023 Extension of deadlines for the 2023 Filing of Annual Financial Statements To demonstrate commitment to ensuring high-quality financial reports, the Commission provides sufficient time for external auditors to complete their statutory audits of the financial statements of corporations amidst recent challenges encountered by the auditing firms. The Commission recognizes the role of external auditors as essential in safeguarding the public interest through the conduct of independent audits to provide reasonable assurance to the public that the financial statements are free from material misstatement, whether due to fraud or error, thus, establishing credibility and [...]

SEC Memorandum Circular No. 9 Series of 2022 2023 Filing of Annual Financial Statements and General Information Sheet To maintain an organized and orderly filing of Annual Financial Statements (AFS) and General Information Sheet (GIS), and to comply with the zero-contact policy and automation of business-related transactions mandated by Republic Act No. 11302, otherwise known as the “Ease of Doing Business and Efficient Government Service Delivery Act of 2018”, the Securities and Exchange Commission (SEC), pursuant to its authority under Republic Act No. 11232, otherwise known as “Revise Corporation Code of the Philippines,” and Republic Act No. 8799, otherwise known as [...]

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 Philippines is still struggling to win the battle against Covid-19. After almost two (2) months of putting the whole country under quarantine measures, the government has taken gradual steps to open the essential businesses as well as government offices to cope with the declining economy. Philippine Securities and Exchange Commission (SEC) together with other government offices has extended the submission of reports such as the Audited Financial Statements (AFS) to ensure the overall welfare of the public during this challenging pandemic period. With the lifting of the Enhanced Community Quarantine (ECQ) on May 16, 2020, the SEC through Memorandum Circular [...]

By: Hergie Ann De Guzman The pandemic we are facing now is a challenge to everyone, including the business owners for the continuance of their business operations. Moreover, governing bodies, such as the Philippine Securities and Exchange Commission (SEC ) are also faced with the challenge to effectively continue catering the needs of the companies and new business registrants. Company Registrations The SEC continues to accept online applications for the registration of Corporations and Partnerships through the Company Registration System (CRS) (https://crs.sec.gov.ph/). Companies may send an email to bearceo@sec.gov.ph for queries on online registration. Verification of payment and generation of Certificates [...]

By: Hergie Ann De Guzman The Philippine Securities and Exchange Commission (SEC), amid the COVID-19 pandemic and implemented Community Quarantine, has been continuously providing the public with convenient ways on how companies could comply with the SEC’s reportorial requirements without compromising the public’s health condition.  Below are the policies implemented by the SEC to ensure proper compliance of registered companies even during the pandemic.  Covered Reports   Audited Financial Statements (AFS), General Form for Financial Statements (GFFS), and Special Form for Financial Statements (SFFS) SEC Memorandum Circular No. 5 s.2020 issued on March 12, 2020 extends the submission of the AFS, [...]