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Over 11,600 corporations may face suspension by SEC
The Philippine Star
|December 14, 2024
Over 11,600 corporations are in danger of being suspended by the Securities and Exchange Commission (SEC) due to failure to comply with reportorial requirements.
There are a total of 11,677 corporations that have failed to submit their annual financial statements (AFS) and general information sheets (GIS) for eight years, or from 2015 to 2022, based on SEC records as of end-October.
The SEC said these firms are under evaluation for the possible suspension of their certificates of incorporation.
The commission explained that every corporation, domestic or foreign, doing business in the Philippines is required to submit AFS and GIS, among other reportorial requirements, annually and within such period as may be prescribed by the SEC under the Revised Corporation Code of the Philippines (RCC).
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