THE Securities and Exchange Commission (SEC) said corporations and partnerships can submit their annual financial statements (AFS), general information sheet (GIS) and other reports using its online submission tool (OST) starting 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 Chairperson Emilio B. Aquino said in a statement on Wednesday.
Corporations, partnerships and their authorized representatives should first fill out the online application form for the OST and submit required documents at https://ciffs-ost.sec.gov.ph.
Requirements include a board resolution authorizing a representative to file reports on behalf of the corporation or partnership and an accomplished 2020 GIS form. Law firms or consultancy firms can also sign up as authorized filers, on behalf of their clients.
“All stock corporations, including branch offices, representative offices, regional headquarters, and regional operating headquarters of foreign corporations, will be required to submit their reports using the OST starting this year,” the SEC said.
Nonstock corporations can still choose to submit reports in person this year, but will be required to use the OST by 2022.
Copies of a company’s AFS, GIS, sworn statement for foundation (SSF), general form for financial statements (GFFS), and special form for financial statements (SFFS) may be submitted during the initial run of the OST.
Firms can also submit via the OST the affidavit of non-operation (ANO) with the GIS or AFS, and affidavit of non-holding of annual meeting (ANHAM) with the GIS.
“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 SEC said.
All submitted documents will be checked for quality. Filers will receive a QR code once the reports are accepted.
Reports will be available to the public through the Online Submission Portal.
The SEC said it will no longer accept hard copies, as well as submission via e-mail, mail or courier, and drop boxes in SEC offices.
“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,” Mr. Aquino said.
The commission also issued Memorandum Circular No. 3, Series of 2021 on March 9, which details the schedule for the filing of annual reports.
The GIS is required to be submitted within 30 days after a corporation’s annual meeting.
Corporations will need to follow a schedule based on the last digit of their SEC registration or license number for the submission of their AFS. Those with registration numbers ending with 1 should submit the reports within June 1-30; with 2 within July 1-31; those with 3 and 4 from Aug. 1-31; with 5 and 6 within Sept. 1-30; with 7 and 8 within Oct. 1-31; those ending with 9 and 0 within Nov. 1 to 30.
If a corporation’s AFS is audited by the Commission on Audit (CoA), the company may submit beyond the filing schedule as long as an affidavit and a letter from the state auditor is provided stating the timely submission of financial statements and other documents.
The submission of AFS for companies with fiscal years ending on a date other than Dec. 31 should be done within 120 days from the end of their fiscal year. Meanwhile, public companies and other issuers of securities are given 105 days after their fiscal year to submit their AFS.
Corporations are given 30 days from the deadline of the AFS submission to submit their GFFS and SFFS on the OST.
“The SEC will no longer require the certification under oath, previously prescribed under SEC Memorandum Circular No. 6, Series of 2006,” the commission said. — K.C.G.Valmonte