The Securities and Exchange Commission (SEC) has implemented new deadlines for the submission of Annual Financial Statements (AFS) and General Information Sheets (GIS) for 2023. This article provides a comprehensive overview of the filing process, deadlines, and key points to remember to ensure a smooth and compliant submission for Philippine corporations in 2024.
Why are AFS and GIS Important?
AFS and GIS are crucial documents that provide transparency and accountability for Philippine businesses. AFS showcases a company's financial health, while GIS details its basic information. Timely submission ensures the SEC maintains an accurate record of corporations operating in the Philippines.
Who Needs to File?
All Philippine corporations, including:
Stock and non-stock corporations
Listed and delisted companies
Public companies
Entities under Section 17.2 of the Securities Regulation Code (SRC)
What are the Deadlines?
The deadlines for filing AFS depend on your company's registration number ending digits:
Last Digits 1 & 2: April 29-30, May 2-3, or May 6-10
Last Digits 3 & 4: May 13-17 or May 20-24
Last Digits 5 & 6: May 27-31 or June 3-7
How to File?
The SEC mandates electronic filing through the Electronic Filing and Submission Tool (eFAST) for most documents: https://www.sec.gov.ph/online-services/sec-efast/
Important Reminders
Penalties for Late Filing: The SEC has increased penalties for late submissions. Ensure timely filing to avoid repercussions.
Non-Listed Companies: Non-listed companies with a filed SEC Form 17-EX for 2024 have different filing periods. Refer to the SEC Memorandum Circular No. 2, Series of 2024 for details: https://www.sec.gov.ph/wp-content/uploads/2024/02/2024MC_SEC-MC-No.-2-s.-of-2024-2024-Filing-of-Annual-Financial-Statements-and-General-Information-Sheet-with-attachment.pdf
Foreign Corporations: Foreign corporations follow a filing schedule based on their SEC license anniversary date.
Stay Compliant, Stay Informed
Meeting the SEC's filing deadlines is crucial for Philippine corporations. By adhering to these guidelines and submitting your AFS and GIS on time, you can ensure compliance and avoid penalties. Remember, transparency and accurate information are essential for a healthy business environment in the Philippines.
Additional Resources:
SEC Philippines Website (2024 SEC AFS and GIS): https://www.sec.gov.ph/
SEC Memorandum Circular No. 2, Series of 2024: https://www.sec.gov.ph/wp-content/uploads/2024/02/2024MC_SEC-MC-No.-2-s.-of-2024-2024-Filing-of-Annual-Financial-Statements-and-General-Information-Sheet-with-attachment.pdf