The Securities and Exchange Commission (SEC) is offering incentives to encourage delinquent corporations to comply with reportorial requirements.
The SEC said Monday it issued the Enhanced Compliance Incentive Plan (ECIP) that will allow non-compliant corporations, including those placed under “delinquent” status, to settle their unassessed or unpaid fines and penalties for as low as P20,000. The ECIP follows the SEC’s amnesty program it implemented last year.
“As a regulator, the SEC is committed to ensuring that entities under its supervision are compliant with all the laws, rules and regulations applicable to them,” SEC chairman Emilio Aquino said.
“After the SEC amnesty program, the Commission has strictly imposed higher revised fines and penalties to encourage strict and habitual compliance with reportorial obligations and good corporate housekeeping. With the launch of ECIP, we are affording corporations under our supervision another opportunity to remedy their violations, at lower fees, and restore their good standing,” he said.
Suspended and revoked corporations, including those with pending petitions for the lifting of the suspension or revocation order issued against them, may also settle only 50 percent of their assessed fines and pay the petition fee of P3,060.
The significantly lower rates apply to fines and penalties imposed on corporations for various violations including non and late filing of reportorial requirements such as general information sheet and financial statements.
Applications of non-compliant, suspended and revoked corporations for ECIP may be submitted starting Sept. 2, 2024 until Nov. 30, 2024.
The SEC said aside from payment of the ECIP, it would also require availing delinquent corporations to submit their latest reportorial requirements before restoring their good standing status.
It said that for corporations whose certificates of incorporation were suspended or revoked, they should submit a petition to lift order of suspension/revocation of certificate of registration, along with supporting documents.
It said that if an applicant-corporation failed to submit the complete set of requirements within the prescribed period, the ECIP fees and the initial petition fee of P3,060 applicable to suspended and revoked corporations would be forfeited.
