SEC- Tarlac, SBMA empower firms in Subic Freeport

The Securities and Exchange Commission- Tarlac Extension Office (SEC-TAREO) in partnership with the Subic Bay Metropolitan Authority (SBMA) organized an investor education roadshow to present the updates about the online filing of the SEC annual reportorial requirements and amnesty program for corporations held at the Subic Bay Exhibition and Convention Center last September 18.

This activity aims to assist the locators in the Subic Freeport in avoiding penalties for the late and non-filing of SEC reports, to empower them to get good standing as registered corporations and to protect their business from disruption due to non-compliance with existing corporate laws.

More than 200 participants from various companies inside the Subic Bay Freeport Zone participated in this event wherein some of them joined virtually via Zoom.

SBMA Chairman and Administrator Jonathan Tan represented by Deputy Administrator for Port Operations, Atty. Martin Kristoffer Roman highlighted the efforts of the SBMA to continuously improve the investment climate and uphold the highest standards of customer experience for their locators.

“We recognize the significance of excellent customer experience by implementing the ease of doing business and streamlining our processes to better serve our locators,” said Roman.

“Relative to our efforts to better serve our locators, this forum has been conceptualized to ensure that all our locators are complying with the national regulations and policies set forth by the government including the SEC,” he added.

          The SEC discussed the salient features of the country’s corporate laws and presented updates on the annual filing of the Audited Financial Statement (AFS) and General Information Sheet (GIS) for regular corporations including the requirements to enroll in the Electronic Filing and Submission Tool (eFAST), the online facility to access and submit annual reports to SEC. Likewise, the submission of the said reportorial requirements is required under Republic Act No. 11232, also known as the Revised Corporation Code.

          Moreover, the SEC introduced the amnesty program for non-compliant, revoked and suspended corporations which is a great opportunity to start anew, maintain their good standing, and ensure that they will continue enjoying the benefits and advantages of being a corporation.

Meanwhile, in his message, SEC-TAREO Director, Atty. Richard Laus emphasized the importance of on-time submission of annual reports to all registered corporations, as these are vital in ensuring the efficient performance of the Philippine corporate sector.

“Compliance with reportorial requirements mutually benefits corporations and the SEC, as this helps the Commission prudently identify active and inactive corporations, enhance and organize our digital database and cultivate a healthy and vibrant corporate sector,” Laus added.

The event was also attended by SBMA Senior Deputy Administrator for Business and Investment, Renato Lee III, SBMA Deputy Administrator for Business Group, Atty. John De Vera Aquino and SBMA OIC- Business & Investment Department for ICT, Engr. Panfilo Jurilla.

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