DOF encourages companies flagged by SEC to avail of regulator’s amnesty program

By Raadee S. Sausa

THE Department of Finance (DOF) encouraged corporations that have incurred fines or whose certificates of registration have been suspended to avail the amnesty program offered by the Securities and Exchange Commission (SEC).

“The amnesty offered by the SEC is a great opportunity for eligible corporations to start anew, maintain their good standing, and ensure that they will continue enjoying the benefits and advantages of being a corporation,” Finance Secretary Benjamin E. Diokno said through a statement issued last Tuesday.

Issued on March 15, SEC Memorandum Circular (MC) 2 (Series of 2023) provides for the grant of amnesty for the non-filing and the late filing of the General Information Sheet (GIS) and Annual Financial Statement (AFS) and Non-Compliance with MC 28 (series of 2020).

Diokno said that the SEC subsequently extended the deadline for applications for amnesty to June 30 and gives applicants a longer period of 90 days within which to submit certain requirements.

After the extended deadline of June 30, an updated scale of fines and penal-