The Department of Finance (DOF) is urging corporations to avail the Securities and Exchange Commission’s (SEC) amnesty program on the late and non-filing of certain reportorial requirements.

Finance Secretary Benjamin E. Diokno said the SEC amnesty is a great opportunity for eligible corporations to start anew, maintain good standing, and ensure they will continue enjoying the benefits and advantages of being a corporation.

Issued last March 15, SEC Memorandum Circular No. 2-2023 provides for the grant of amnesty on the non-filing and late filing of the general information sheet (GIS) and annual financial statement (AFS).

The SEC subsequently issued last April 25, SEC Memorandum Circular No. 6-2023, extending the deadline for applications for amnesty to June 30, and to give applicants a longer period of 90 days within which to submit certain requirements.

After the extended deadline of June 30, an updated scale of fines and penalties for the covered reportorial requirements shall be implemented.

Under the guidelines, the SEC will provide amnesty on the unassessed and already assessed unpaid fines and penalties for the non-filing and late filing of the GIS for the latest and prior years.

The amnesty will be extended to corporations, including branch offices, representative offices, regional headquarters, and regional operating headquarters of foreign corporations and foundations.

It shall also cover associations, partnerships, and persons under the jurisdiction and supervision of the SEC.

However, the amnesty program does not cover corporations whose securities are listed on the Philippine Stock Exchange (PSE), those whose securities are registered but not listed on the PSE, those considered as public companies and those with intra-corporate dispute.

It also excludes those with disputed GIS; and other corporations covered under Section 17.2 of Republic Act (RA) No. 8799, or the Securities Regulation Code.

To qualify for amnesty, the duly authorized representative or resident agent of the corporation must file an online expression of interest form (EOI) via the electronic filing and submission tool (eFAST).

“The success of the amnesty program will ultimately redound to the benefit of the corporate sector, investors, consumers and other stakeholders. Furthermore, it will give government agencies insights on how to better supervise and support corporations,” Diokno said.