The Securities and Exchange Commission (SEC) has released the schedule of filing of corporations’ annual financial statements (AFS) and general information sheets (GIS) for this year.
The Commission issued SEC Memorandum Circular No. 1, series of 2025 March 3, which provides for the 2025 Filing of Annual Financial Statements and General Information Sheet.
It said that stock and nonstock corporations with total assets or total liabilities of at least P600,000 are required to submit annual audited financial statements.
Branch offices or representatives of stock and nonstock foreign corporations with assigned capital or total assets, respectively, of at least P1 million, as well as regional operating headquarters of foreign corporations with total revenues of P1 million, or more, are also required to submit audited financial statements.
Corporations, which do not meet these thresholds, may submit their AFS duly certified by their treasurer or chief financial officer. All stock and nonstock corporations are required to submit their AFS and GIS online through the SEC Electronic Filing and Submission Tool (eFAST) at efast.sec.gov.ph.
The SEC shall not accept submissions over-the-counter and through courier, in line with the zero-contact policy and automation of business-related transactions mandated by Republic Act 11032, or the Ease of Doing Business and Efficient Government Service Delivery Act of 2018.
All corporations, including branch offices, representative offices, regional headquarters, and regional operating headquarters of foreign corporations whose fiscal years ended on Dec. 31, 2024 shall file their AFS according to the following schedule, based on the last digit of their respective registration or license number.
For those with 1 or 2 as the last digit of SEC Registration/License, the AFS submission dates should be May 2, 5, 6, 7, 8, 9, 12, 13, 14, 15 and 16; May 19, 20, 21, 22, 23, 26, 27, 28, 29 and 30 for those with 3 or 4 as last digit; June 2, 3, 4, 5, 6, 9, 10, 11 and 13 for 5 and 6; June 16, 17, 18, 19, 20, 23, 24, 25, 26, and 27 for 7 and 8; and June 30, July 1, 2, 3, 4, 7, 8, 9, 10, 11, for those with 9 or 0 as the last digit.
Corporations may also file their AFS before the first day of their respective coding schedules, regardless of the last numerical digit of their registration or license numbers. Corporations registered through the SEC Extension Offices shall follow the same schedule.
A corporation, whose fiscal year ended on a date other than Dec. 31, 2024, shall file its AFS within 120 calendar days from the end of its fiscal year.
The annual reports of brokers and dealers, whose fiscal year ended on Dec. 31, must be filed on April 30, while those with fiscal years ending on a date other than Dec. 31 shall file their reports 110 calendar days after the close of their respective fiscal year, the SEC said.
Corporations whose securities are listed on the Philippine Stock Exchange (PSE), those whose securities are registered but not listed on the PSE, those considered as public companies, and those covered under Section 17.2 of RA 8799, or the Securities Regulation Code (SRC), shall file their AFS within 105 calendar days after the end of their respective fiscal years, as an attachment to their annual reports.
Further, corporations whose AFS are being audited by the Commission on Audit (COA) are exempted from the deadlines, provided they attach to their AFS a duly-signed affidavit attesting that they timely provided the COA with the financial statements and supporting documents and that the COA audit has just been concluded, as well as a letter from the COA confirming such information.
Failure to follow the formal requirements prescribed under Revised SRC Rule 68 shall be considered a sufficient ground for the imposition of penalties by the SEC. The acceptance and receipt by the Commission of the financial statements shall be without prejudice to such penalties.
Meanwhile, the GIS must be filed within 30 calendar days from the date of the actual annual stockholders’ meeting for stock corporations; from the date of actual annual members meeting for non-stock corporations; and from the anniversary date of the issuance of the SEC license for foreign corporations.
The respective GIS forms for stock corporations, nonstock corporations, branch offices and representative offices of foreign corporations, and regional operating headquarters and regional headquarters of multinational companies may be downloaded from the SEC website.
OPCs (one person corporations) are not required to submit the GIS. However, they must submit the SEC Form for Appointment of Officers within 15 days from the date of issuance of their certificate of incorporation, or within five days from subsequent changes.
“Filing of reportorial requirements is mandatory and must be faithfully complied with every year. We urge all corporations to keep track of the deadlines to avoid getting fined for noncompliance,” SEC chairperson Emilio Aquino said in a statement, adding the Commission is authorized to suspend or revoke the corporate registration of duly-registered companies for repeated failure to submit reports.
“We will be strictly implementing this authority as part of our efforts to enhance regulatory oversight over the corporate sector,” Aquino stressed. ||
