SEC Extends Deadline on Filing of Securities Deposit for Foreign Firms in the Philippines
The Securities and Exchange Commission, under SEC Memorandum Circular No. 11, has extended the deadline for submission or filing of Securities Deposit, issued on March 26, 2020 as a relief to the challenges of the business sector brought by the coronavirus disease (COVID-19) outbreak.
- Branch offices of foreign corporations in the Philippines whose filing of initial securities deposit fall due within the period of Enhanced Community Quarantine (ECQ) shall be given thirty (30) days from the lifting of ECQ to push through with the filing.
- Additional securities due for deposit that fall within the period of ECQ shall likewise be given thirty (30) days from the lifting of ECQ to settle their deposits.
- Those that matured within the ECQ period shall be given thirty (30) days from the lifting of ECQ to file an application for substitution of securities.