DAVAO CITY (PIA) – The Securities and Exchange Commission Davao has encouraged corporations and associations with late filing or non-filing of reportorial documents to avail of the extended Enhance Compliance Incentive Program (ECIP).
Regional director Atty. Katrina Jamilla P. Estares of SEC Davao Extension Office, said that the 2023 Amnesty Program has been extended up to December 31, 2024 only.
“They have to avail of the ECIP, para mabalik ang good standing nila sa aming opisina (so they can restore their good standing in our office,” she said during an episode of the PIA Davao Occidental’s Gobyernong Balitaan radio program.
Under SEC Memorandum Circular No. 13, series of 2024, or the extended ECIP, the covered entities are corporations, including branch offices, representative offices, regional headquarters of local or foreign corporations and foundations, which failed to file or were late in submitting the General Information Sheet and Financial Statements.
Also covered in the Memo Circular are associations, partnerships and persons that failed to comply with Memorandum Circular No. 28, which requires submission of official email and mobile number.
Availing of the extended ECIP will also lessen the imposable fees and penalties, Estares said.
“Daghan ang wala nag file or late filing, kay dako ang penalties. So dapat mag avail na lang sila ng amnesty (Many have not filed or are late in filing because the penalties are big. So they have to avail of the amnesty),” she stated.
Under the ECIP rates, P20,000 will be fined to non-compliant corporations, while P3,060 plus 50% of assessed fines for suspended or revoked corporations.
The extension of ECIP was aimed at “continuing the progress brought about by the 2023 Amnesty Program in encouraging regulatory compliance and maintaining a reliable database of active and inactive corporations.”
The corporations and registered partnerships have the responsibility to timely submit reportorial requirements pursuant to Section 177 of the Republic Act (RA) No. 11232 or the “Revised Corporation Code of the Philippines.” (CLC/PIA Davao Region)
