Skip to main content

SEC urges firms to avail of amnesty program

 


CEBU CITY, Cebu, October 26 (PIA) -- The Securities and Exchange Commission (SEC) has urged non-compliant corporations to avail of the amnesty program to avoid heavier monetary fines and penalties for the non-submission of reportorial requirements.

The SEC Amnesty Program is a facility that allows delinquent corporations and other covered entities to submit their requirements within the required period before higher fees and penalties come in.

Through the amnesty program, corporations will have a form of reprieve from the bigger fines due to late and non-filing of requirements, such as their General Information Sheet (GIS) and Annual Financial Statement (AFS).

The program can also be availed of by those suspended or revoked corporations with no Memorandum Circular (MC) No. 28 compliance and corporations whose only violation is non-compliance with Memorandum Circular No.28, Series of 2020.

According to the SEC, all corporations - both domestic and foreign - including foundations and associations, partnerships, and persons under the SEC's jurisdiction and supervision, can apply for the amnesty program.

These firms can start processing their amnesty program application through the SEC Electronic Filing and Submission Tool (eFAST), an online facility to be used for submitting the AFS, GIS, and other reportorial requirements.

All SEC-registered corporations are encouraged to enroll in eFAST so they can access and submit their reports through the system.

They can process their payments and transaction fees through the Electronic for Payment to SEC (eSPAYSEC), where they can pay via digital wallets and other cashless payment options.

By availing of the amnesty program, corporations that are not compliant with the filing of GIS, AFS, and MC28 will only pay a fine of P5,000, while suspended and revoked corporations will only pay petition fees amounting to P3,060, and 50% of the assessed fines for the late and non-filing of AFS and GIS.

The SEC has extended the deadline for amnesty applications until November 6, while the deadline for the submission of additional requirements is until December 4.

Corporations can apply for the amnesty program by visiting amnesty.sec.gov.ph. (RGC/PIA7 Cebu with reports from the SEC)

Labels:

Comments

Post a Comment

Popular posts from this blog

OCD-7: ‘Only OCD can hold incident command system trainings’

  OCD-7 Regional Director Joel Erestain speaking during the 13th episode of the ‘Kapihan sa Bagong Pilipinas’ program held in Cebu City. He emphasized that only OCD is accredited to conduct trainings on Incident Command System. (PIA-7)  CEBU CITY, CEBU (PIA) — Only the Office of the Civil Defense (OCD) can conduct training on the Incident Command System (ICS). This was emphasized by OCD-7 regional director Joel Erestain during the 13th episode of the Kapihan sa Bagong Pilipinas on Aug. 20 in Cebu City.  As the executive arm of the National Disaster Risk Reduction and Management Council (NDRRMC), OCD conducts ICS trainings, which is a standardized approach to managing emergency responses and disasters. “So kung mayro’ng mga iba na nagsasabi na nagte-train daw, hindi po sila accredited. Lalong lalo na nagkaroon tayo ng Civil Defense Training Institute, walang ibang pwedeng mag-train ng ICS, basic ICS, hanggang sa down the line,” said Erestain.  (So if there are people ...
Post a Comment
Read more

PRESS RELEASE: Smart’s ‘School-in-a-Bag’ reaches last-mile schools in NegOr

  DepEd Secretary hails education as 'solution' More remote schools have been reached by Smart Communications, Inc.’s mini portable classroom School-in-a-Bag, bringing learning technologies to far-flung areas to help facilitate quality basic education in last-mile schools. Among these schools is Dobdob Elementary School (ES) which is situated in the farthest barangay in Valencia, Negros Oriental. It is 80 kilometers from the town proper and is only accessible by 4-wheel drive vehicles. Dobdob ES has a total of 128 students, most of whom are children of farmers. These students often arrive with their shirts drenched in sweat, because they help their parents on the farm before coming to school. But despite that, they still come to class with great vigor and enthusiasm. Leah Apenas, head teacher of Dobdob ES, shared the different struggles she and her colleagues, most especially the students face in the mountain school. “Every time there’s a heavy downpour, students skip classes d...
Post a Comment
Read more

PVAO to partner with hospitals for improved medical care access of veterans

  PVAO Field Satellite Office (FSO) Cebu Head Reggie Sabandal enables the public to envision the goal of the agency to facilitate a no medical expense for the veterans during the 13th Kapihan sa Bagong Pilipinas. (PIA 7) CEBU CITY, Cebu (PIA) — The Philippine Veterans Affairs Office (PVAO) Field Services Office (FSO) Cebu is set to partner with two hospitals in Central Visayas for improved access to medical services of the Filipino veterans in the region.  PVAO Cebu is set to ink a memorandum of agreement (MOA) with Vicente Sotto Memorial Medical Center (VSMMC) in Cebu City, Cebu and Gov. Celestino Gallares Memorial Medical Center (GCGMMC) in Tagbilaran City, Bohol.  PVAO FSO Cebu head Reggie Sabandal said this is in line with their agency’s aim to establish additional 19 veterans’ wards in the country.  "We also did our part in (terms of) lobbying for the MOA with respective private and public hospitals for the enhancement of veterans’ wards... Our vision and goal i...
Post a Comment
Read more