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SEC-Cebu to start accepting company annual reports online

By Carlo Lorenciana

March 12, 2021, 4:57 pm

CEBU CITY – To make life easier for clients in light of the coronavirus disease 2019 (Covid-19) pandemic, the Securities and Exchange Commission (SEC) in Cebu will start accepting online submission of annual reports on Monday.
 
Dubbed as the online submission tool (OST), the SEC will now allow the submission of annual financial statements (ASF), general information sheet (GIS), and other documents without going through the hassle of visiting its offices.
 
In a statement Friday, SEC-Cebu director lawyer Alma Marie Estrada-Dalena said that with the OST, SEC is one more step closer to achieving its ease-of-doing-business and sustainability goals, which have been at the core of its ongoing digital transformation. 
 
Dalena said OST is equally important in the agency’s efforts to “automate business transactions to limit face-to-face interactions, and consequently help stem the transmission of Covid-19 and accelerate the country’s recovery from the pandemic.”
 
Last March 9, SEC issued Memorandum Circular No. 3 enumerating the procedure and requirements for the filing of annual reports, including the schedule and deadline of submissions.
 
Aside from the AFS and GIS, corporations and partnerships can now submit sworn statement for foundation (SSF), general form for financial statements (GFFS), and special form for financial statements (SFFS) during the initial implementation.
 
Before submitting their reports, corporations, partnerships and their authorized filers must first enroll in the OST by accomplishing the online application form and submitting the required documents at https://ciffs-ost.sec.gov.ph.
 
The documents required for enrollment include a board resolution authorizing its representative to file reports on behalf of the corporation or partnership, as well as a copy of their submission of email addresses and cellular phone numbers or their accomplished GIS using the 2020 version of the form, as required by SEC Memorandum Circular No. 28.
 
All stock corporations, including the branch offices, representative offices, regional headquarters and regional operating headquarters of foreign corporations, will be required to submit their reports using the OST starting this year.
 
Meanwhile, nonstock corporations will still have the option to submit their reports over the counter. 
 
By 2022, the SEC will require all nonstock corporations to enroll in and submit their reports through the OST.
 
Law, consultancy and other firms providing related services to corporations and partnerships may also enroll as authorized filers. (PNA) 
 
 

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