SEC Cebu Holds ‘Amnesty Hours’ Seminar Series

The Securities and Exchange Commission – Cebu Extension Office (SEC-CEBEO) held the 11th session of their Amnesty Hours seminar series on 9 August 2023. The SEC-CEBEO invites interested corporations to attend the seminar series to learn about the SEC Amnesty Program and how to identify and avoid investment scams.

Held on Wednesdays from 2:00 pm to 4:00 pm, the informative seminar has benefitted 177 corporations, partnerships, and firms to date from its initial launching in July 2023. Participants take advantage of the Q&A portion to clarify all their concerns regarding the amnesty and their reportorial requirements.

Pursuant to Memorandum Circular (MC) No. 9, series of 2023, the SEC has extended its Amnesty Program until 30 September 2023 and simplified its application process. The Amnesty Program is a waiver or reduction of fines and penalties for the non-filing or late filing of reportorial requirements and non-compliance with Memorandum Circular No. 28 (MC28), series of 2020 which requires SEC-registered entities to provide their official email addresses and contact numbers.

The penalty for non-compliance with MC28 alone amounts to P10,000. With the amnesty, non-compliant corporations need only pay the amnesty fee of P5,000. As for suspended/revoked corporations, they are given a 50% discount on their total assessed fines and penalties.

Since its implementation in March 2023, there have been 2,469 corporations who have availed of the Amnesty under the SEC-CEBEO jurisdiction. Around 159 of those are suspended/revoked corporations who grabbed the opportunity to start over and regain good standing with the SEC.

With the Amnesty Program’s extension until 30 September 2023, the number of corporations who have availed of the amnesty is expected to increase, after which the SEC’s new rates of fines and penalties will take effect. As stated in SEC MC9, Series of 2023, the updated scale of fines and penalties for the covered reportorial requirements shall be implemented by 01 October 2023.

Interested participants may register to attend the Amnesty Hours seminar by going to the link.

“We highly encourage all eligible corporations to take advantage of the amnesty being offered by the SEC to avoid heftier penalties, continue enjoying the benefits of an active registered entity with the SEC, and begin afresh,” Atty. Sheara Lupango-Tamayo, the SEC-CEBEO’s Director, said. She emphasized that higher fees will be applied to all corporations after the amnesty period.