SEC Offers Amnesty to Revive Corporate Life

The Securities and Exchange Commission (SEC) is offering amnesty to revive corporate entities.

Under the amnesty program, non-compliant corporations need only pay P5,000 for failure to submit their GIS, AFS, or MC 28 reports, regardless of the number of years of non-submission. I Photo: Securities and Exchange Commission Philippines Facebook

Corporations and associations whose registrations have been suspended or revoked are being given a new lease on corporate life by the Securities and Exchange Commission (SEC), which has introduced an amnesty program available until September 30.

While registering with the SEC is the initial step toward establishing a corporation in the Philippines legitimately, it entails specific duties and responsibilities to maintain good standing with the SEC, including compliance with reportorial requirements.

Under the amnesty program, non-compliant corporations need only pay P5,000 for failure to submit their GIS, AFS, or MC 28 reports, regardless of the number of years of non-submission.

Meanwhile, suspended or revoked corporations will pay only half of their total fines and penalties, in addition to the petition to lift the order of suspension/revocation fee of P3,060, contingent upon the submission of additional documents.

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