The Securities and Exchange Commission (SEC) on Wednesday said its online submission tool (OST)—which will accept documents, such as annual financial statements, general information sheet, and other annual reports—will go live on March 15.
“With the OST, we are one more step closer to achieving our ease-of-doing-business and sustainability goals, which have been at the core of our ongoing digital transformation,” SEC Chairman Emilio B. Aquino said.
“The OST is equally important in our 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,” he said.
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 system starting this year.
Meanwhile, non-stock corporations will still have the option to submit their reports over the counter. By 2022, the SEC will require all non-stock corporations to enroll in and submit their reports through the system.
Corporations, partnerships, and their authorized filers are required to enroll in the system 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, Series of 2020.
Law, consultancy and other firms providing related services to corporations and partnerships may also enroll as authorized filers.
The online facility will show the required format of the report to be submitted.
For instance, a GIS must be submitted as an accomplished but unsigned form saved as a multipage portable document format (PDF) with text layer, as well as a high-resolution scan of the signed and notarized document saved as a multipage PDF.
The reports will undergo quality check upon submission. Once approved, the filer will receive a QR code indicating the final acceptance of the reports.
Upon successful submission, the reports will be made available to the public through the Online Submission Portal.
Submissions made through email, mail or courier, and drop boxes in SEC offices will no longer be accepted once the OST goes live.
The SEC’s extension offices outside of the National Capital Region will only accept reports over the counter if the filer encountered problems during the enrollment or submission process. The filer will have to present the corresponding notice generated by the OST.
The agency said it will set up kiosks in its offices and other designated areas to provide users with technical assistance from March 15 to December 15. Subsequent submissions will be done remotely.
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