Huling hirit! Emil Aquino grants final amnesty extension for non-compliant SEC-registered corporations

The Securities and Exchange Commission (SEC) has extended the amnesty application period for non-compliant and suspended or revoked corporations, offering one last opportunity to rectify their status before the imposition of new fines and penalties.

The new deadline for filing amnesty applications has been rescheduled to November 6, following a final one-month extension by the SEC.

SEC chairperson Emilio Aquino emphasized that this extension is a compassionate measure intended for corporations that have persistently failed to meet their reportorial obligations.

To date, over 54,000 corporations have availed themselves of the amnesty program since its launch in March.

Aquino urged more companies to seize this opportunity, preventing exposure to higher fines and penalties once the new guidelines take effect in November.

The SEC introduced the amnesty program as part of its commitment to encourage regulated entities to comply with reportorial requirements under Republic Act No. 11232, also known as the Revised Corporation Code of the Philippines.

The initiative aims to effectively distinguish active and inactive corporations, improve and systematize the digital database, and foster a thriving corporate sector.

Moving forward, the SEC will rigorously enforce the submission of reportorial requirements and impose corresponding penalties, including monetary fines, classification of erring corporations as delinquent, and suspension or revocation of a corporation’s certificate of incorporation.

The updated scale of fines and penalties for reportorial requirements will take effect on November 7, with basic penalties for late or non-filing of reports set to escalate by up to 1,900 percent.

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