DUE to the imposition and extension of the enhanced community quarantine (ECQ) to address the rising cases of coronavirus disease 2019 (Covid-19) in the National Capital Region and contiguous provinces of Bulacan, Cavite, Laguna and Rizal, and in view of the implementation of the online submission tool (OST) for the submission of reports online, the Securities and Exchange Commission (SEC) has extended the deadline for the submission of the general information sheet (GIS).
The commission issued a notice dated March 31, which states that all stock and nonstock corporations shall have 90 days from the date of their annual stockholders’ meeting or annual members’ meeting fixed in their bylaws or as determined by the board of directors/trustees to submit their GIS.
For example, a corporation that held its annual meeting on March 30 will have until June 28 to submit its GIS. Meanwhile, a corporation originally due to submit the report on or before March 12 will have an additional 60 days, or until May 11, to comply with the requirement.
The adjusted deadline applies to stock corporations which held their annual stockholders’ meetings prior to and during the enrollment period for the newly launched OST, which opened last March 15 and will close on December 15.
Stock corporations are required to enroll in and submit their annual reports through the OST starting this year. Meanwhile, nonstock corporations have until 2022 to enroll in and shift to the OST.
The adjusted deadline also covers corporations which failed to hold their annual meetings in 2020 and were initially given until Jan. 30, 2021, to submit their GIS. These corporations will have until April 30 to submit their GIS through the OST for stock corporations, or over the counter for nonstock corporations.
Pursuant to Section 11 of Memorandum Circular 3 s. 2021 (MC 3 s. 2021), the commission will still allow over-the-counter submissions for stock corporations if they have encountered problems during their enrollment and submission in the OST, provided that they present the error message from the system.
On the other hand, Section 13 (c) of MC 3 s. 2021 provides that all stock corporations with fiscal year ending December 31, including branch offices, representative offices, regional headquarters and regional operating headquarters of foreign corporations, shall enroll and file their annual financial statements through the OST depending on the last numerical digit of their SEC registration or license number in accordance with the following schedule:
June 1 to 30 : 1
July 1 to 31 : 2
August 1 to 31 : 3 & 4
September 1 to 30 : 5 & 6
October 1 to 31 : 7 & 8
November 1 to 30 : 9 & 0
Please take note that the commission’s main office in Pasay City is currently operating with a skeleton workforce due to the reimposition of ECQ. The SEC Electronic Records Management Division will only accommodate those with confirmed appointments until 2:30 p.m. both in its main office in Pasay City and its headquarters along EDSA in Ortigas, Mandaluyong City, for over-the-counter submissions of annual reports and other documents.
There will also be an implementation of shortened operating hours in the payment centers located in its main office and its former headquarters. Payments will be accepted in the main office until 2:30 p.m. only.
To get the full details of the notice dated March 31, as well as MC 3 s. 2021, I encourage the transacting public to monitor the SEC website at www.sec.gov.ph and official Facebook page at www.facebook.com/PhilippineSEC for more information and further announcements.
For other concerns, the public may contact the relevant SEC departments or offices during office hours through the email addresses and interim hotline numbers provided in the SEC contact center posted on the SEC website.
Rest assured that the commission will continue implementing work-from-home and other alternative work arrangements, in accordance with the guidelines issued by the Civil Service Commission, in order to ease the business operations of the transacting public.
About the writer: Kelvin Lester K. Lee is a commissioner of the Securities and Exchange Commission. The views and opinions stated herein are his own. You may email your comments and questions to email@example.com.