At least 22,000 entities need to avail of amnesty, says SEC
THE Securities and Exchange Commission (SEC) has released a list of more than 22,000 corporations that can still avail of the agency’s amnesty program until the Nov. 6 extended deadline.
In a notice dated Oct. 17 posted on its website, the SEC identified 22,402 corporations, which it urged to take advantage of the reprieve or face revocation due to the non-use of their corporate charter.
The corporations on the list should file an online expression of interest to avail of amnesty on or before Nov. 6 as well as a petition to lift the order of revocation. They should also submit the latest due annual financial statement and general information sheet by Dec. 4.
“Based on the records of the commission as of Oct. 12, the corporations included in the attached list have failed to submit their general information sheet (GIS) within five years from the respective dates of their incorporation,” the SEC said.
“In this light, they are advised to avail of the SEC amnesty program before their certificates of incorporation are revoked,” it added.
Under Republic Act No. 11232 or the Revised Corporation Code of the Philippines (RCC), domestic and foreign corporations doing business in the country should annually submit their GISs and financial statements to the SEC.
The corporations are also mandated to pass other reportorial requirements annually and within such period as prescribed by the SEC.
“Section 21 of the RCC provides that if a corporation does not formally organize and commence its business within five years from the date of its incorporation, its certificate of incorporation shall be deemed revoked as of the day following the end of the five-year period,” the SEC said.
Meanwhile, the commission said the list of corporations with revoked certificates of incorporation will be finalized after the amnesty program, which is set to end on Nov. 6.
“The SEC highly encourages the corporations appearing in the attached list to avail of the SEC amnesty program to keep their certificates of incorporation from being revoked,” the corporate regulator said.
Launched in March, the amnesty program allows a reprieve for companies from the fines and penalties imposed on the late or non-filing of their GIS and annual financial statement, and non-compliance with Memorandum Circular No. 28, Series of 2020.
In early October, the SEC announced that the deadline for the amnesty program was extended to Nov. 6 from the previous Sept. 30 extension. — Revin Mikhael D. Ochave