THE Securities and Exchange Commission (SEC) has identified 2,384 corporations that have failed to submit required annual reports such as general information sheets and financial statements, the regulator announced on Tuesday.
The corporations, which are all registered with the SEC’s Zamboanga extension office, failed to submit the required annual reports three times, consecutively or intermittently, within a period of five years.
Under Section 177 of the Revised Corporation Code of the Philippines, a domestic or foreign corporation doing business in the country should submit annual financial statements audited by an independent certified public accountant as well as a general information sheet.
However, if a corporation’s total assets or total liabilities are less than P600,000, its financial statements are to be certified under oath by its treasurer or chief financial officer.
In a notice, the regulator directed the identified corporations to appear within 30 days at the Compliance Monitoring Division or any SEC extension office to explain why their certificate of incorporation should not be declared delinquent.
“After the lapse of the said 30-day period and the corporations named in the attached list fail to appear and have not updated their reports, as well as settled the corresponding fine or penalty, their certificates of incorporation shall be deemed delinquent,” the SEC said.
The full list of the companies can be found on the SEC’s websites under the “Notices” tab. — Justine Irish D. Tabile
