SEC extends amnesty deadline for AFS, GIS


DAVAO CITY—The Securities and Exchange Commission (SEC) extended anew the deadline for amnesty applications for late and non-filing of annual financial statements (AFS), general information sheets (GIS), and official contact details.

The deadline was moved to September 30.

The SEC also announced it has streamlined the amnesty applications “by adapting a Unified Amnesty Application Form, a web-based form available on the Electronic Filing and Submission Tool that will allow eligible companies to express their concurrence and/or consent to certain conditions of the amnesty process.”

The Unified Amnesty Application Form replaces the notarized Expression of Interest Form and Amnesty Application Form previously required by the Commission, it said.

Companies whose only violation is non-compliance with SEC Memorandum Circular No. 28, Series of 2020 should submit Annex D of the circular using the MC 28 Submission Portal, the SEC said. The applicant then has to accomplish the web-based form to signify intent to avail of the amnesty.

The SEC also announced it has removed the option “to file an undertaking to submit the latest due AFS within 90 days from amnesty application, as it is understood the AFS should be ready by September 30, consistent with the SEC and Bureau of Internal Revenue’s prescribed deadlines.”

It said that corporations that were able to submit the correct reportorial requirements, including those reverted for compliance, within the submission period or until September 30 “will be considered to have undergone the complete process and are entitled to receive a Confirmation of Payment [COP]. Otherwise, the payment of amnesty fees will be forfeited.”

The COP will be released within 15 working days from the date of complete submission of reportorial requirements.