SEC Grants Extension for Amnesty Applications for Non-Filing of AFS, GIS

The Securities and Exchange Commission (SEC) has granted an extension for companies to apply for amnesty for late or non-filing of annual financial statements (AFS), general information sheets (GIS), and official email addresses and mobile phone numbers. The new deadline for eligible companies is June 30, 2023, as announced in SEC Memorandum Circular No. 6, Series of 2023, issued on April 25.

Under the extension, applicants now have 90 days from the date of payment, instead of the previous 45 days, to submit their latest financial statements. The amnesty program, launched in mid-March through SEC Memorandum Circular No. 2, Series of 2023, targets noncompliant corporations and those with suspended or revoked registration certificates for their failure to submit AFS and GIS on time.

The amnesty program is part of the SEC’s efforts to encourage its supervised entities to comply with their reportorial requirements under the Revised Corporation Code of the Philippines (Republic Act No. 11232). By ensuring compliance, the SEC can identify active and inactive corporations, enhance its digital database for better monitoring and enforcement, and foster a healthy and dynamic corporate sector.

Given the number of companies expressing interest in availing the amnesty program, and the overlapping deadlines for similar requirements from the Bureau of Internal Revenue and the SEC, the Commission deemed it necessary to provide more time for eligible companies to apply. After the extended deadline of June 30, an updated scale of fines and penalties for the covered reportorial requirements will be implemented.