Ease of doing business amidst the Covid - 19 pandemic
THE Covid - 19 pandemic has indeed taken its toll in all sectors of our society—the business sector included. To help businesses cope, the Securities and Exchange Commission has created notable reforms and guidelines that will allow them to comply with our regulations easier and in a manner most convenient and practical for them.
In light of the declaration of the enhanced community quarantine (ECQ) in the whole of Luzon, the SEC has simplified the submission of annual reports and mandatory requirements for all registered corporations to make it possible to file their reports despite the travel restrictions and business suspensions imposed to counter the widespread of the new coronavirus disease.
All SEC-registered stock and non-stock corporations are required to submit annual reports such as the General Information Sheet (GIS) and Financial Statement (FS).
The SEC recognizes the specific challenges posed to Philippine companies in complying with certain reportorial requirements. These have kept the companies, particularly those with operations in affected territories here and abroad, from gathering all information or documents necessary in the preparation of their reports.
Corporations affected by the lockdown may now submit their GIS, which has to be submitted within thirty days after the corporation’s actual annual meeting, via electronic mail, registered mail, or courier.
Corporations whose fiscal year ends on December 31, 2019 are given an extension until