SEC-Davao advises timely submission of requirements for amnesty payments

DAVAO CITY — The Securities and Exchange Commission (SEC) Davao Extension Office urges corporations that have availed of the amnesty program to submit their requirements on or before January 31. Payments made will be forfeited in the absence of the required submissions.

Pursuant to SEC Memorandum Circular No. 20, series of 2023, applicant-corporations that have failed to submit the amnesty requirements on or before the deadline results in the forfeiture of a P5,000.00 fee for non-compliant corporations and 50 percent of assessed penalties for suspended/revoked corporations, in addition to the initial P3,060 initial petition fee.

To ensure a successful amnesty filing, non-compliant corporations must submit their latest General Information Sheet (GIS) and Annual Financial Statement (AFS) on the SEC Electronic Filing and Submission Tool (eFAST).

Suspended or revoked corporations, on the other hand, should submit their petitions, along with their latest GIS and AFS, copies of their certificates of incorporation, latest mayor’s or business permits, and certificates of registration with the Bureau of Internal Revenue. These documents should be submitted to the Extension Office, initially through email at secdavao@gmail.com.

For further clarification, applicant-corporations may reach out to SEC Davao Extension Office at 0932-973-8791.

The Commission is preparing to implement a significant increase of up to 1,900 percent, in basic penalties for late and non-filing of reports post-amnesty period. PR