Legal BlogSEC Philippines Requirements during the Covid-19 Lockdown

April 13, 2020

Governments around the world have imposed lockdown measures against the spread of the horrible Covid-19 virus which is currently affecting the planet.

Many businesses have been deemed non-essential and thus are required to operate on a strict work from home basis with WFH becoming a new familiar acronym (if it wasn’t already).

The Philippines has issued an Enhanced Community Quarantine on the island of Luzon until April 30th 2020.

While this has significantly impacted businesses operations and the effect on the economy is only beginning, one thing is clear; we will beat this virus and business operations will return to normal. With that in mind, the Securities and Exchange Commission in the Philippines while operating on a remote basis is still allowing the submission of the following documents. Some required filings have also not become exempted during the lockdown but only allow for digital submission now with hard copies to follow once the Enhanced Community Quarantine is lifted in Luzon.

Annual Reports:

Deadlines for the filing of Audited Financial Statements has been extended to June 30th or 60 days after the lifting for Domestic Corporations, Branch Offices, Representative Offices, ROHQ, and RHQs. Regardless if they have domestic or export-oriented business.

A sworn affidavit will need to be submitted along with the filing.

General Information Sheet:

The GIS is still required to be submitted on-time through email. Submission deadline is 30 days after the annual general membership meeting and the election of officers. Submission is done through email and then hard copies are submitted after the lifting of the lockdown.

Notice of Postponement of AGM:

Certainly, the current situation would allow companies to postpone their AGMs, although electronic voting and reporting to members through email is allowed. But if companies will postpone their AGM they must submit to the SEC within 10 days of the scheduled date of the meeting to avoid penalties.

Other Structured Reports:

Other reports that are regularly required by the SEC may still need to be submitted electronically to avoid penalties.

Pleadings and Motions:

The SEC has suspended all pleadings and motions at the moment but appeals and requests may still be accepted during the ECQ via email.

Company Registrations:

The SEC is still accepting company registration documents for comment and review which can be done via email. However actual payment and processing as well as release of registration documents is suspended until the lifting of the Ehanced Community Quarantine.

Triple i Consulting can assist your company getting through these complex times while staying compliant with your corporate reporting.

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