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The SEC said that 22,403 corporations have failed to submit their general information sheet within five years from the date of their incorporation, which is among the requirements of the corporation code. In a separate notice, the SEC also released a list of 298,335 companies which have failed to submit their general information sheet for three times consecutively or intermittently within a five-year period. These companies may be placed under delinquent status.
“Corporations’ timely submission of their annual financial statement, general information sheet, and other reportorial requirements is vital in maintaining a healthy and vibrant corporate sector, as this helps us identify active versus inactive corporations, enhance and organize the Commission’s digital database, and protect the public from fraud,” SEC Chairperson Emilio Aquino said.