SEC Grants of Amnesty to All Corporations for Non-Filing and Late Filing of GIS, AFS, Non-Compliance With MC28

March 20, 2023

The Securities and Exchange Commission (SEC) on March 15 issued SEC Memorandum Circular No. 2, Series of 2023, granting amnesty, in the form of a waiver or reduction of fines, for the unassessed and/or already assessed but unpaid fines and penalties for the non-filing and late filing of the GIS and AFS, including its attachments such as the Certificate of Existence of Program/Activity, Non-Stock, Non-Profit Organization Forms, as well as non-compliance with MC28.

For non-compliant registered corporations, the rate will be P5,000.00, encompassing all violations of non-filing and late filing of GIS and AFS and its attachments.

The penalty of P10,000.00 for non-compliance with the MC28 requirement will be waived.

The applicant corporation (stock or non-stock) shall submit the latest reportorial requirements due at the time of application and comply with MC No. 28, series of 2020 through the MC 28 Submission Portal.

While suspended/revoked corporations will pay 50% of the assessed fines.

The penalty of P10,000.00 for non-compliance with the MC28 requirement will also be waived. This applies to revoked and suspended corporations that will file its petition to lift the order of suspension or revocation.

Only those which have filed an amnesty application, secured a PAF through the eFAST and paid on or before April 30, 2023 shall be eligible for the amnesty. The existing scale of fines and penalties shall thereafter be observed.

For details on how to apply for amnesty, please refer to Memorandum Circular No. 2, Series of 2023 which can be accessed at our website www.sec.gov.ph.

For questions/additional information, you may contact SEC Bacolod Extension Office via landline nos. (034) 45-5713, 445-5714, mobile nos. 0961-603-5772, 0905-568-8256, or via email secbacolod2018@gmail.com or sec.bcdextension@gmail.com.*