THE SECURITIES and Exchange Commission (SEC) has noted a large number of companies filing for amnesty after failing to submit regulatory requirements, its top official said on Monday.
“We are very busy now with our amnesty program. We had to sort out schedules and processes kasi ang daming nag-a-apply (because there are plenty of applicants),” SEC Chairman Emilio B. Aquino told reporters on the sidelines of a corporate event.
Of the 600,000 entities registered in the SEC, more than half are likely to be noncompliant with the agency’s requirements, Mr. Aquino said.
“The ones which were [previously] complying was at 120,000, naging (which became) 240,000, and we are happy with [it]. But there is like 360,000 [which are not complying],” he added
Mr. Aquino said the SEC had given opportunities to small and medium enterprises (SMEs) that were suspended for not filing regulatory requirements.
“SMEs normally their life expectancy hindi umaabot ng (do not reach) five years. A lot of them are already belly-up, but we gave them a chance, including those who have already been revoked and suspended,” he said.
He said the securities regulator is also building an e-mail registry to disseminate the SEC’s notices and advisories, through its MC28 submission portal.
“We are trying to get as many of our corporate entities connected with the SEC,” he added.
The SEC previously extended the deadline for amnesty applications for late and non-filing of annual financial statements, general information sheets, official e-mail addresses, and mobile phone numbers until June 30.
It said earlier that the deadline extension was due to the number of companies expressing interest in availing of the amnesty program apart from an overlap with the submission dates of the Bureau of Internal Revenue.
The commission also extended the deadline for submitting companies’ latest financial statements for up to 90 days from the date of payment.
An updated schedule of penalties and fines for noncompliance will be implemented on July 1 after the lapse of the SEC’s initial deadline. Companies may be fined between P27,000 and P54,000, with an additional monthly fine of P500 up to P1,000 depending on their retained earnings. — Adrian H. Halili