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SEC-CDOEO calls corporations to file for amnesty before deadline

CAGAYAN DE ORO CITY (PIA)--The Securities and Exchange Commission–Cagayan de Oro Extension Office (SEC-CDOEO) reiterated its reminder to corporations to file for the amnesty grant currently offered by the Commission. 

The deadline for the said amnesty grant is on 30 September 2023, as provided under the SEC Memorandum Circular No. 9, Series of 2023

The amnesty aims to extend help among corporations (Stock and Non-Stock) with penalties incurred from non-filing, late filing, or violations made in compliance with the reportorial requirements.

Filing of amnesty may be done through the Electronic Filing and Submission Tool (eFAST) accounts of the corporations and check whether they qualify to avail of the grant.

The SEC accommodates two kinds of amnesty grantees: (1) Non-compliant Corporations or those corporations that are still registered but have non-filing of reports to certain fiscal years, and (2) those corporations tagged as revoked/suspended. The former will be paying P5,000.00 as an amnesty fee, which encompasses all the non-submissions of the Corporation, while the latter is entitled to pay 50% of their total assessed fines.

The extension of the deadline is to consider all other corporations who have not complied with the requirements in availing of the amnesty grant.

“We, at the SEC-CDOEO, encourage those corporations that are aware that they have non-submissions of their annual reportorial requirements to apply for this amnesty. This amnesty grant is a huge help for them to recover their corporate standing with the SEC," says Lawyer Director Frederick A. Enopia.

Corporations now need only to answer a web-based form available on their eFAST accounts, replacing the submission of the notarized Expression of Interest Form and Amnesty Application Form. Likewise, corporations no longer need to file an undertaking to submit the latest due AFS within 90 days from the amnesty application.

Corporations that can submit their correct reportorial requirements, including those reverted for compliance, within the submission period or until the deadline will be considered to have undergone the complete amnesty process and are entitled to receive a Confirmation of Payment. Otherwise, payment of amnesty fees will be forfeited in favor of the SEC.

The initiative is part of the Commission’s efforts to encourage its regulated entities to comply with the reportorial requirements set under Republic Act No. 11232 or the Revised Corporation Code. It is also a means for the SEC to prudently identify active and inactive corporations, enhance and organize the Commission’s digital database, and cultivate a healthy and vibrant corporate sector.

The SEC will be implementing an updated scale of fines and penalties for late and non-filing of the covered reportorial requirements starting October 1.

“We urge all qualified corporations to apply for the amnesty in order not to miss this opportunity as the deadline of the application, which is on September 30, is already fast approaching,” Director Enopia added.

Corporations who would like assistance in applying for amnesty may also visit the SEC Cagayan de Oro Extension Office at Tomas-Saco 14 del Lara Street, Macasandig, Cagayan de Oro City. The Office is available for public transactions and assistance from Monday to Friday, 8 AM to 5 PM, or may opt to call the landline numbers: 088-327-0517 or 088-857-7225. (SEC-CDOEO/PIA-10)

About the Author

Apipa Bagumbaran

Assistant Regional Head

Region 10

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