The Securities and Exchange Commission (SEC), in a notice dated July 12, 2020, has issued adjusted deadlines and submission processes of Annual Reports, Annual Financial Statements (AFS), and General Information Sheet (GIS) due to the closure of SEC’s Main Office.
News/Advisory
The Philippine Economic Zone Authority (PEZA) released Memorandum Circular (MC) No. 2020-0035 indicating the requirements for submission of request for travel ban exemption for foreign nationals.
The Bureau of Immigration (BI), in a public advisory dated June 29, addresses concerns of Accredited Private Entities (APEs) on the submission deadline for accreditation requirements. BI took into consideration the appeal for deadline extension given the circumstances that the current BI Accreditation expired on June 30, and compliance processes have been hampered due to quarantine restrictions.
The Bureau of Internal Revenue (BIR) released Revenue Memorandum Circular (RMC) No. 62-2020 indicating the entire list of medicines exempted from Value Added Tax (VAT) specifically for illnesses such as Diabetes, High-Cholesterol, and Hypertension.
The Securities and Exchange Commission (SEC), under the SEC Memorandum Circular (MC) No. 18 Series of 2020, has clarified the procedures to follow on the submission of Annual Financial Statements (AFS) and General Information Sheet (GIS) via mail or courier.
The Securities and Exchange Commission (SEC), under the SEC Memorandum Circular (MC) No. 18 Series of 2020, has adopted new procedures on accepting reports for Annual Financial Statements (AFS) and General Information Sheet (GIS) throughout the filing period after the Community Quarantine.
The Securities and Exchange Commission (SEC), in a public notice dated June 11, 2020, has released several measures to ease the financial burden of borrowers in view of the grave effect of the Coronavirus (COVID-19) pandemic impact in finances of the Filipinos.
The Securities and Exchange Commission (SEC), in a public notice dated June 2020, has further extended the deadline for submission of the Mandatory Disclosure Form (MDF) for non-stock corporations.
The Securities and Exchange Commission (SEC), under the SEC Memorandum Circular (MC) No. 16 Series of 2020, adopts a relaxed set of guidelines on the authentication of Articles of Incorporation in applications for registration of new domestic corporations, promoting an easier process for business registration in the Philippines.
Registered corporations in the Philippines are required to annually file their General Information Sheet (GIS) and Annual Financial Statements (AFS) to the Securities and Exchange Commission (SEC) to provide the government formal records of their corporate information and financial activities for the last fiscal year.