The Securities and Exchange Commission (Commission) released the schedule for the filing of the Annual Financial Statements (AFS) and General Information Sheets (GIS) for the year 2024.
On 27 January 2024, the Commission issued Memorandum Circular No. 2, Series of 2024 (MC 2-24) outlining the schedule and deadlines for the filing of the annual reports of Corporations.
Under MC 2-24, all corporations, both stock and nonstock, shall file their AFS and GIS through the SEC Electronic Filing and Submission Tool (eFAST) which may be accessed at https://efast.sec.gov.ph/, in compliance with the zero-contact policy and automation of business-related transactions mandated by Republic Act No. 11032, otherwise known as the Ease of Doing Business and Efficient Government Service Delivery Act of 2018.
The deadline for all corporations, including branch offices, representative offices, regional headquarters, regional operating headquarters of foreign corporations, and those under the jurisdiction of the SEC Extension Offices, whose fiscal years end on 31 December 2023, to file their AFS depends on the last numerical digit of their SEC registration or license numbers.
Corporations whose SEC registration or license numbers end in 1 and 2 shall file their AFS from April 29 to May 10; May 13 to 24 for those ending in 3 and 4; May 27 to June 7 for those ending in 5 and 6; June 10 to 21 for 6 and 7; and June 24 to July 5 for 9 and 0, whereas, corporations whose fiscal years on a date other than 31 December 2023 shall file their AFS within 120 calendar days from the end of their respective fiscal years.
Brokers and dealers whose fiscal years end on 31 December 2023 shall file their Annual Audited Financial Statement (SEC Form 52-AR) with the Commission on 30 April. Those with fiscal years ending on a date other than 31 December 2023 shall file their SEC Form 52-AR within 120 days from the end of their respective fiscal years.
Corporations whose securities are listed on the Philippine Stock Exchange (PSE), those whose securities are registered but not listed on the PSE, those considered as public companies, and other entities covered under Section 17.2 of the Securities Regulation Code (SRC) shall file their AFS within 105 calendar days from the end of their respective fiscal years as attachment to their Annual Reports. Non-listed registered issuers of securities which filed SEC Form 17-EX for 2024 shall observe the applicable AFS filing period prescribed for corporations in general.
Lastly, corporations whose AFS are being audited by the Commission on Audit (COA) are exempted from the abovementioned filing schedule, provided that they submit their AFS together with an affidavit signed by the President or Treasurer attesting to the fact that the corporation timely provided the COA with the financial statements and supporting documents and that the audit of the COA had just concluded, and a letter from COA confirming such attestation.
The Commission will accept late filings of the AFS starting on 8 July 2024.
Stock corporations, nonstock corporations, and foreign corporations shall file their GIS with the Commission within 30 calendar days from the date of the annual stockholders’ meeting, date of actual annual members’ meeting, and the anniversary date of the issuance of their SEC licenses, respectively.
Late filings of the reports will result in the imposition of fines and penalties.
For more information, see the full Memorandum Circular at https://www.sec.gov.ph/mc-2024/sec-mc-no-02-series-of-2024/#gsc.tab=0