Iloilo city: The Securities and Exchange Commission (SEC) emphasized the importance of the annual submission of the general information sheet (GIS) and financial statement (FS) for corporations.

According to Philippines News Agency, SEC Iloilo Securities Specialist I Nescille Therese Parre±o explained that corporations are expected to submit their FS within 120 days from the end of the fiscal year, while GIS should be submitted within 30 days from the date of the actual annual meeting. Parre±o highlighted that with the availability of an electronic filing and submission tool, corporations have no excuse for late submissions. This tool allows submissions at any time without a filing fee, though penalties may incur for late submissions or discrepancies with the Articles of Incorporation and By-laws.

Parre±o detailed that GIS and FS provide essential information about a corporation, serving as a resource for individuals seeking to understand a corporation's financial standing. SEC Iloilo Information Officer Jola Lyn Tingson noted that these documents are frequently requested for various investigations, including those by the Senate on flood control and banks, as well as by the public, aligning with the Freedom of Information guidelines.

Furthermore, SEC Memorandum Circular No. 16 has temporarily suspended the monthly compounding fines for late and non-submission of reports. SEC Director II, lawyer Ma. Cristina Montelibano, clarified that this suspension benefits corporations struggling with compliance but does not apply to those previously assessed and penalized. Corporations with pending requests and issued payment assessment forms from previous computations can request penalty exclusions.

During a media forum, SEC representatives noted that almost all services, including amendment applications, reporting submissions, and company monitoring, have transitioned to digital platforms, enhancing accessibility and efficiency for corporations.