• SEC extends deadlines for submission of annual financial statements

The Securities and Exchange Commission (SEC), the corporate regulator, has released the extended deadlines for companies for their submission of their respective annual financial statements and the General Information Sheet (GIS) after the enhanced community quarantine.

According to the SEC, corporations have until June to August — depending on the last numerical digit of their registration or license numbers — to file the required documents.

Those with last digits 1 and 2 have until June 29 to July 10; those with last digits ending 3 and 4 can file from July 13 to 17; those with last digits 5 and 6 can file from July 20 to July 24; those with last digits ending 7 and 8 can file from July 27 to 30, while those with last digits ending 9 and 0 can file from Aug. 3 to 7.

"The coding schedule does not apply to publicly listed companies, issuers of registered securities, investment companies, issuers of proprietary and non-proprietary shares/ timeshares and public companies, which shall file their 2019 financial statements by June 30 or, if applicable, within 60 days from the lifting of travel restrictions," the SEC said.

The SEC shall require all corporations to submit the hard copies of their annual reports through mail or courier facility to provide adequate protection to its frontline service.

The reports shall be delivered to the SEC head office located on the ground floor of the Secretariat Building in PICC Complex in Pasay City.

"The date of mailing of reports such as the GIS and AFS, as shown by the registry receipt of the courier, shall be considered as the reckoning date of submission of the GIS and annual financial statements," the SEC said.

At the same time, the SEC said companies could file their annual reports ahead of schedule to ensure compliance.

For the late filings, the SEC shall accept starting Aug. 10 with the prescribed penalties.