Philippines – Updated Fines and Penalties

The Philippines Securities and Exchange Commission (SEC) has issued a memorandum confirming fines and penalties for late or non-submission of Audited Financial Statements (AFS) and General Information Sheet (GIS), and for non-compliance with SEC MC No. 28-2020.

The memorandum lists the full scale of fines and penalties based on the repetitiveness of the offences and the fund balance for all regulated domestic and foreign corporations.

Corporations must file or submit on time the reportorial requirements based on the schedule prescribed by the Commission.