By Securities and Exchange Commission (SEC)-Baguio
FOR more than a year now, we have been observing health and safety protocols brought about by the Covid-19 pandemic. There have been considerable changes in the way we do things, adopting means and strategies that seem unimaginable before but part of today’s “new normal.”
The government is definitely not spared from this situation. In fact, our government agencies had to innovate, find means and adopt measures to be able to deliver efficient public service, taking into consideration lockdown situations, strict health protocols and physical distancing measures, among others.
This year, with necessary innovation in the way we deliver public service in mind, SEC launched the Online Submission Tool (OST), a system by which registered corporations are able to submit their required reports in digital format, by uploading the same through the OST.
Clients may enroll their corporations and authorized filers through the OST at https://ciffs-ost.sec.gov.ph/, wait for verification of their enrollment, and once approved, upload their reports via this website to comply with the reportorial requirements of the Commission. As part of the enrollment process, corporations have to upload: (1) a Board Resolution or Secretary’s Certificate authorizing e-mail addresses of listed filers who will be uploading the required reports for and on behalf of the corporation, and (2) the Compliance Form submitted for M.C. No. 28, Series of 2020 (Updating authorized e-mail addresses and mobile numbers for corporations).
Once enrollment is approved, authorized filers may then proceed to submit their reports through the OST. Although it is mandatory only for stock corporations this year, we strongly encourage non-stock corporations and foreign branch/ representative offices/ RHQs/ ROHQs as well to enroll in the OST system and enjoy the benefits of online submission.
Exactly what are these benefits? It will save you precious time: time to prepare multiple copies and time to actually go to a SEC Office. It is cost-efficient: you will not need to entail travel expenses to and from the SEC Office nearest your area, especially if you are from out of town, and you will not incur photocopying and/ or paper and ink costs to print out multiple copies previously required by SEC. It is considered among the best practices in keeping with today’s health and safety protocols: less face-to-face transactions, zero-contact policy, as you will be able to comply with our reportorial requirements without leaving home.
Further, as an Agency that is a strong advocate and an ISAR awardee for our Guidelines on Sustainability Reporting, granted by the United Nations Conference on Trade and Development (UNCTAD), this is also in accordance with UN Sustainable Development Goals (SDG): less paper and ink used in printing out multiple copies as previously required, making it more environment-friendly in accordance with sustainability rules.
It is also worthy to note that recognizing the birthing or teething pains that come with a new system, and considering the quarantine restrictions still in place in some areas, the SEC has extended its deadlines for submission of reports this year. For GIS submissions, deadline is until 90 days from the actual date of annual meeting; for AFS, it shall be on a number coding system which deadline shall only begin in June 2021 for registration numbers ending in “1” and so forth. Please note that these extensions are granted not only for those submitting through the OST, but also manual filers (non-stock corporations) as well.
For the complete details on these submissions, please check out our Facebook page and the SEC Website. For inquiries and concerns on the OST, feel free to email us at firstname.lastname@example.org.
Keep safe, everyone!