SEC Online Submission Tool Now Live

Philippines’ Securities and Exchange Commission (SEC) launched its online submission tool (OST) which will accept different reports such as financial statements (AFS), general information sheet (GIS), and other important annual reports.

All of these documents were submitted in person to the SEC before the launching of the OST, which allows for the submission of different reports in the digital format–another welcoming sign of the Philippines’ embrace of digitization.

SEC Chairperson Emilio Aquino said in a statement that the agency is harnessing advantages brought about by technology to improve services.

“Beyond making it easier and more convenient for corporations to comply with their reportorial requirements, the OST should help our stakeholders become more comfortable with digital-based transactions, as we harness the full advantages of new technologies in improving our services,” he said.

He further added that the initiative is a key component to bringing ease-of-doing-business, and sustainability goals. These are quality-of-life services that the government is not known for.

Companies must first enroll to be able to use the OST at https://cifss-ost.sec.gov.ph, and submitting the documents required.

Documents required for enrollment include a board resolution authorizing a representative to file reports on behalf of the corporation, as well as a copy of their submission of email addresses and cellular phone numbers or their accomplished GIS using the 2020 version of the form, as per SEC Memorandum Circular No. 28, Series of 2020.

The authorized filer may then start submitting corporation reports such as the AFS, GIS, sworn statement for foundation (SSF), general form for financial statements (GFFS), and special form for financial statements (SFFS).

The portal also accepts the submission of other documents such as affidavit of non-operation (ANO), together with the GIS or AFS, and affidavit of non-holding of annual meeting (ANHAM), together with the GIS.

SEC also reminds all stock corporations, including the branch offices, representative offices, regional headquarters and regional operating headquarters of foreign corporations, to submit their reports using the OST starting this year.

Non-stock corporations will be required submit their reports through the portal by 2022.

The OST is a welcome move by the SEC to prevent the further spreading of the coronavirus disease 2019 (COVID-19) virus, all while letting companies to have the ability to submit required documents to the government.

The OST is not the only foray into digitization that the commission is exploring, as earlier this month, SEC also launched the SEC payment portal, giving clients the option to settle their registration and transaction fees, as well as penalties, online with the use of their debit or credit cards, and PayMaya digital wallets. (GFB)