SEC Releases New Deadline on Submission of Annual Reports in the Philippines
The Securities and Exchange Commission (SEC), in a press release dated May 25, 2020, has issued the new deadline and submission process of Annual Reports, Annual Financial Statements (AFS) and General Information Sheet (GIS).
Corporations whose fiscal years ended on November 30 and December 31, 2019 shall file their AFS in accordance with the last numerical digit indicated in their registration or license numbers, as stipulated under the SEC Memorandum Circular (MC) No. 18, Series of 2020.
The following dates of filing are as follows:
The given coding schedule does not apply to the ff.:
- Publicly-listed companies
- Issuers of registered securities
- Investment companies
- Issuers of proprietary and non-proprietary shares
- Timeshares
- Public companies
DATE OF FILING FOR 2019 FINANCIAL STATEMENTS
Corporations who are excluded from the coding schedule shall observe the ff. deadlines:
- June 30, 2020
- If applicable, within sixty (60) days from the lifting of travel restrictions
Companies are advised to follow the prescribed schedule. However, corporations who wish to ensure compliance shall be allowed to file annual reports prior to the given schedule.
LATE FILINGS
Late filings shall be accepted until August 10, 2020. Penalties for late filings shall be calculated from the date of the last day of filing schedule until the actual day of filing.
