The Securities and Exchange Commission (SEC) will waive the imposition of fines and other monetary penalties for the non-filing and late submission of reportorial requirements of corporations during the community quarantine, a press release from the SEC said.
On 5 November, the Commission issued SEC Memorandum Circular No. 31, Series of 2020, providing for the waiver of fines and other penalties for corporations who failed to file or were late in the filing of their General Information Sheet, Audited Financial Statement, and other reportorial requirements, as well as non-compliance with compulsory notification from September to December 2020.
“We recognize how the pandemic and the ensuing community quarantine have put a strain on Filipinos and their livelihoods,” SEC Chairperson Emilio B. Aquino said. “We will continue to take all opportunities to help bring the corporate sector and the whole country on the path to a speedy recovery.”
The Commission will resume the computation of fines and penalties outside the covered period of September to December 2020.
The circular will also apply to foreign corporations, except on matters pertaining to securities deposits and change of resident agent, which are governed by SEC Memorandum Circular No. 24, Series of 2020.
The non-imposition of fines is pursuant to Republic Act No. 11494, otherwise known as the Bayanihan to Recover as One Act, which seeks to accelerate the Philippine economy’s recovery amid the COVID-19 pandemic through inclusive economic measures and fiscally sustainable programs.