Jesher M. Radaza, supervising administrative officer of the SEC Cagayan de Oro Extension Office, emphasizes the importance of timely submission of the General Information Sheet and financial statements during the Regional Irrigators Association Congress and Inter-agency Coordination on March 25. (Photo: RTP/PIA-10)
CAGAYAN DE ORO CITY (PIA) — The Securities and Exchange Commission (SEC) is supporting irrigators associations (IAs) in meeting corporate reporting requirements, transitioning to digital filing, and avoiding penalties that could disrupt their operations.
During the Regional Irrigators Association Congress and Inter-agency Coordination on March 25, Jesher M. Radaza, SEC Cagayan de Oro Extension Office (CDOEO) supervising administrative officer, underscored the importance of submitting two key reports: the General Information Sheet (GIS) and financial statements (FS).
“As long as we have submitted all our reports on time, promptly, we don’t have any obligation to the SEC,” Radaza said, stressing that timely submissions keep associations in good standing with the SEC.
To assist IAs, the SEC has set a submission schedule for financial statements based on an organization’s SEC registration number.
Organizations with registration numbers ending in 1 or 2 must submit between May 2 and 16, those ending in 3 or 4 between May 19 and 30, numbers ending in 5 or 6 between June 2 and 13, numbers ending in 7 or 8 between June 16 and 27, and those ending in 9 or 0 between June 30 and July 11.
The GIS must be submitted within 30 days after an association’s annual meeting. The SEC warned that failing to hold this meeting could lead to penalties.
“If there is no actual meeting, you will be penalized. The law requires that all corporations, whether stock or non-stock, must submit the GIS and hold an annual meeting,” Radaza said.
The SEC is also transitioning to a fully digital filing system. All FS and GIS reports must be submitted online via the Integrated Filing and Approval System (IFAS). Digital platforms like E-Amend and E-Secure are also available to streamline corporate registration and compliance.
By year’s end, the SEC plans to phase out manual filings, making online submissions the standard for all registered organizations, including IAs. The SEC encourages IAs to visit www.sec.gov.ph for further guidance. (FDBP/PIA-10)
