The Securities and Exchange Commission (SEC) said it will allow corporations enrolled in the newly- launched online submission tool (OST) to submit electronically -signed annual financial statements (AFS) while Metro Manila and nearby provinces remain under enhanced community quarantine (ECQ).
The use of e-signatures shall be allowed for submissions made through the OST starting March 29, when the ECQ period began in the National Capital Region, Bulacan, Cavite, Laguna and Rizal, until further notice.
All stock corporations are mandated to file their AFS and other covered reports through the OST, except for non-stock corporations which has the option to file their submissions – AFS, general information sheet, and other covered reports – in printed form still up until 2022.
“Enrollment in the OST will ensure that the AFS submitted by corporations were duly signed and officially submitted to the Commission by their authorized filers,” the SEC said.
The SEC, however, requires the management and external auditors of corporations to ensure the manually -signed AFS will be available upon directive by the commission, “pursuant to the exercise of its supervisory and investigative authority and visitorial power under the Securities Regulation Code and Revised Corporation Code of the Philippines.”
“Corporations who encounter errors in the enrollment and/or submission process through the OST may physically file their report by securing an appointment through the SEC Express Appointment System. In such cases, corporations would have to submit manually signed reports,” the SEC said.
The SEC said companies with fiscal year ending Dec. 31, 2020 including branch offices, representative offices, regional headquarters and regional operating headquarters of foreign corporations, shall enroll and file their AFS through the OST based on the last numerical digit of their SEC registration or license number falls on and their corresponding time frame to file.
For those whose SEC registration end in 1, they can file their AFS between June 1 and 30 through the OST. Companies with with registration numbers ending in 2 meanwhile can file between July 1 and 31; 3 and 4, August 1-31; 5 and 6, September 1-30; 7 and 8, October 1-31; and 9 and 0, November 1-30.
“Corporations also have the option to file ahead of the prescribed filing dates through the OST,” the SEC said.
“Those whose fiscal year ends on a date other than December 31 should file their AFS within 120 days from the end of their fiscal year, while publicly listed companies and other issuers of securities should file their AFS within 105 days after the end of their fiscal years,” it added.
