The Securities and Exchange Commission threatened to revoke the licenses of more than 11,000 companies over their alleged non-compliance with repertorial requirements.
All registered corporations are required to submit to the SEC their AFS and GIS annually and other reports under Section 117 of the Republic Act No. 11232 or the Revised Corporation Code of the Philippines . Delinquent corporations have two years to resume their operations, or their registration will be revoked.
Under the ECIP, non-compliant corporations and those placed under the delinquent status will only have to pay P20,000 to settle their fines and penalties.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more: