Philippines – Updated 2026 AFS and GIS Filing Guidelines

The Philippine Securities and Exchange Commission (SEC) has issued Memorandum Circular No. 9, Series of 2026, setting out updated filing guidelines for Annual Financial Statements (AFS) and the General Information Sheet (GIS).

Under the updated framework, all AFS and GIS filings must be submitted electronically through the EAS / EFast portal, which is now the mandatory filing platform. Filing deadlines, audit requirements, and submission thresholds vary by entity type. Non-compliance may result in penalties under the Revised Securities Regulation Code (SRC) Rules.

Applicability and Scope

The updated filing requirements apply to all corporations registered in the Philippines, including domestic and foreign corporations.

Effective Date

The updated AFS and GIS filing guidelines take effect on the 11^th of February 2026.

Annual Financial Statements (AFS) – Filing Requirements

Corporations with a fiscal year ending the 31^st of December must file their AFS on or before the 29^th of May 2026 through the EFast portal.

Corporations with a different fiscal year end are required to file within 120 days from the close of their fiscal year.

All AFS submissions must include:

• The BIR “received” stamp, confirming prior filing with the Bureau of Internal Revenue; or
• The E-AFS Transaction Reference Number, where applicable, for validation purposes.

Audit Requirements

Audit requirements under Revised SRC Rule 68 apply to the following entities:

• Stock and non-stock corporations with total assets or total liabilities exceeding PHP 3,000,000
• Branch offices with assigned capital of at least PHP 1,000,000
• Regional operating headquarters of foreign corporations with total revenues of at least PHP 1,000,000

General Information Sheet (GIS) – Filing Requirements

The GIS must also be filed electronically through the EFast portal within the following timeframes:

• Stock corporations: Within 30 calendar days from the date of the annual stockholders’ meeting
• Non-stock corporations: Within 30 calendar days from the date of the annual members’ meeting
• Foreign corporations: Within 30 calendar days from the anniversary date of the issuance of their Philippine license

Filing Procedure Summary

AFS Filing

• Determine the applicable filing deadline
• Assess whether audit requirements apply
• Ensure AFS bears the required BIR stamp or E-AFS reference number
• Submit the AFS via the EFast portal

GIS Filing

• Identify the applicable trigger date
• File the GIS via the EFast portal within 30 calendar days

Required Actions

Entities should:

• Confirm applicability of the SEC filing requirements
• Ensure internal coordination to meet AFS and GIS deadlines
• Complete all filings electronically via the EFast portal

Risks of Non-Compliance

Failure to comply with AFS and GIS filing obligations may result in monetary penalties under the Revised SRC Rules. Penalties may vary based on:

• The nature of the entity
• Total assets and retained earnings
• Frequency of violations
• Duration of the filing delay

How Mercator® by Citco (Mercator) Can Help

Mercator can assist with the preparation and filing of Annual Financial Statements (AFS) and the General Information Sheet (GIS), ensuring submissions are completed accurately and in line with SEC requirements.

For assistance, please contact mercator@citco.com