MANILA – The Securities and Exchange Commission (SEC) has released the new schedule and procedure for the submission of annual financial statements and the general information sheet (GIS) after the enhanced community quarantine.
The Commission has issued SEC Memorandum Circular No. 18 Series of 2020 requiring corporations to file their annual financial statements for fiscal years ending November 30, 2019 and December 31, 2019 according to the last numerical digit of their registration or license numbers.
Corporations with 1 and 2 as the last numerical digits of their registration or license numbers need to file their annual financial statements on June 29, 30, and July 1, 2, 3, 6, 7, 8, 9, 10.
Those with registration or license numbers ending 3 and 4 should submit their financial statements on July 13, 14, 15, 16, 17; ending 5 and 6 on July 20, 21, 22, 23, 24; ending 7 and 8 on July 27, 28, 29, 30; and ending 9 and 0 on August 3, 4, 5, 6, 7.
The coding schedule does not apply to publicly listed companies, issuers of registered securities, investment companies, issuers of proprietary and non-proprietary shares/ timeshares and public companies, which shall file their 2019 financial statements by June 30 or, if applicable, within 60 days from the lifting of travel restrictions, pursuant to SEC Memorandum Circular No. 5 Series of 2020.
To maintain an organized and orderly filing of annual reports, the SEC encourages corporations to observe the prescribed schedule.
The Commission, however, shall allow companies to file their annual reports ahead of schedule to ensure compliance.
Late filings shall be accepted starting August 10, 2020 and shall be subject to the prescribed penalties which shall be computed from the date of the last day of filing schedule.
The SEC shall require all corporations to submit the hard copies of their annual reports through mail or courier under the SEC Express Nationwide Submission (SENS) facility to provide adequate protection to its frontline service personnel from undue exposure to the risk of the coronavirus disease 2019 (Covid-19).
All reports shall be delivered to the SEC Head Office located on the ground floor of the Secretariat Building in PICC Complex, Pasay City by the Philippine Postal Corporation (PHLPost) or the courier service chosen by the filer.
Prior to the Covid-19 outbreak in the country, the Commission scheduled the filing of annual financial statements for April 20 to May 22 under SEC Memorandum Circular No. 2 Series of 2020.
Meanwhile, the GIS should have been submitted within 30 calendar days from the actual annual stockholders’ or members’ meeting for stock and nonstock corporations.
In the case of foreign corporations, the GIS was due 30 calendar days from the anniversary of the issuance of their SEC licenses. (PR)
