SEC urges non-compliant firms to avail amnesty program

TARLAC CITY (PIA) — Securities and Exchange Commission-Tarlac Extension Office (SEC-TEO) urged non-compliant firms to avail the amnesty program to avoid penalties, and maintain their good standing.

The amnesty program is among the efforts of the commission to spur corporations to comply with the reportorial requirements based on Republic Act No. 11232, otherwise known as the Revised Corporation Code of the Philippines.

SEC-TEO Director Richard Laus noted that the program provides firms a reduction on penalties for non-filing or late filing of General Information Sheet, Annual Financial Statements, and Memorandum Circular No. 28 form.

“SEC launched an intensified campaign on all media platforms to encourage corporations to avail this program. Since the commission seeks to encourage more firms to file their application, the deadline for filing of amnesty application was extended to December 31,” Laus explained.

Under the program, non-compliant corporations will be charged P5,000, while revoked or suspended corporations will be paying 50 percent of the assessed fines.

The basic penalties for the late and non-filing will increase by as high as 1,900% after the deadline.

The commission will accept all other requirements until January 31, 2024, provided that corporations had expressed their interest in the program before the deadline.

Interested firms may avail the amnesty program by accepting the web-based Expression of Interest form on their SEC Electronic Filing and Submission Tool accounts or visit the SEC Amnesty Microsite for the guidelines. (CLJD/TJBM-PIA 3)

Securities and Exchange Commission (SEC) Tarlac Extension Office urges non-compliant corporations to avail the SEC Amnesty Program to avoid penalties and maintain their good standing. (Gabriela Liana S. Barela/PIA 3)

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