The Philippines appears that it will be downgrading its pandemic strategy June 1st, as most mayors want the majority of the country to be placed under GCG or General Community Quarantine. This is after a 77 day lockdown to help slow the spread of the Corona virus or Covid-19.
During the lockdown period business operations for many companies and government agencies ground to a halt. This prevented most organizations from accomplishing and filing the regular accounting and booking as is required for all corporations operating in the Philippines. Many accounting departments worked from home and thus prevented completion of even internal financial reporting requirements.
In anticipation of arising problems already this next filing year and in a general effort to ease the business climate in the Philippines as we work to establish a new normal, the SEC of the Philippines has taken the measure to further extend next years filings for Audited Financial Reports. In memorandum circular 17-2020 the Securities and Exchange Commission has already extended the filings for businesses ending their fiscal year January 31, 2020 to March 30, 2020 by 60 days. Companies that have a financial year ending after April 30, 2020 shall receive a 45 day extension.
This memo applies to all Audited Financial Statement submissions and applicable quarterly filings. Submission of Audited Financial Statements is a statutory requirement for Corporations, Branch Offices, Representative Offices and Regional Headquarters operating in the Philippines.