SEC Extends Deadline for Filing of 2019 Annual Reports and Audited Financial Statements in the Philippines
The Securities and Exchange Commission, under SEC Memorandum Circular No. 5, has extended the deadline for filing of 2019 Annual Reports, applicable 2020 quarterly reports, and 2019 Audited Financial Statements (AFS) issued on March 12, 2020 due to the challenges brought by the coronavirus (COVID-19) outbreak, such as expected delays in business processes and temporary suspension of business operations.
SEC grants an extension without penalty for the following companies:
- Domestic operations – until June 30, 2020
- Domestic and Foreign operations – until June 30, 2020 or 60 days from the date of lifting of travel restrictions/ban by the concerned government authorities, whichever comes later.
With the following requirements:
- Annual Report (SEC Form 17-A) of Publicly-Listed Companies
- Annual Reports and/or Audited Financial Statements of Companies that are Not Publicly-Listed
Meanwhile, companies whose operations are NOT AFFECTED by COVID-19 are required to submit Annual Reports and/or AFS for December 31, 2019 within the initial period prescribed by law.
