SEC sets 2025 deadlines for AFS, GIS filing

THE Securities and Exchange Commission (SEC) has set the deadlines for filing corporate annual financial statements (AFS) and general information sheets (GIS) for 2025.

The schedule is outlined in Memorandum Circular (MC) No. 1, issued on March 3, the SEC said in an e-mail statement over the weekend.

“Filing of reportorial requirements is mandatory and must be faithfully complied with every year. We urge all corporations to keep track of the deadlines to avoid getting fined for noncompliance,” SEC Chairperson Emilio B. Aquino said.

“The SEC is likewise authorized to suspend or revoke the corporate registration of duly registered companies for repeated failure to submit reports. We will be strictly implementing this authority as part of our efforts to enhance regulatory oversight over the corporate sector,” he added.

Entities required to submit audited AFS include stock and nonstock corporations with total assets or total liabilities of at least P600,000; stock and nonstock foreign corporations with assigned capital or total assets, respectively, of at least P1 million; and regional operating headquarters of foreign corporations with total revenues of P1 million or more.

“Corporations that do not meet the aforementioned threshold may submit their AFS duly certified by their treasurer or chief financial officer,” the SEC said.

Under the MC, corporations with fiscal years ending on Dec. 31, 2024, must file their AFS according to the last digit of their SEC registration or license number. Those ending in 1 and 2 must file on May 2, 5, 6, 7, 8, 9, 12, 13, 14, 15, and 16; in 3 and 4 on May 19, 20, 21, 22, 23, 26, 27, 28, 29, and 30; in 5 and 6 on June 2, 3, 4, 5, 6, 9, 10, 11, and 13; in 7 and 8 on June 16, 17, 18, 19, 20, 23, 24, 25, 26, and 27; and in 9 and 0 on June 30, July 1, 2, 3, 4, 7, 8, 9, 10, and 11.

Corporations whose fiscal years do not end on Dec. 31, 2024, must file their AFS within 120 calendar days from the end of their fiscal year.

Annual reports of brokers and dealers with fiscal years ending on Dec. 31, 2024, must be filed by April 30. Those with different fiscal year-end dates must submit their reports within 110 calendar days after closing.

The SEC said corporations with listed securities on the Philippine Stock Exchange (PSE), those with registered but non-PSE-listed securities, public companies, and entities covered under Section 17.2 of Republic Act No. 8799 or the Securities Regulation Code must submit their AFS within 105 calendar days from the end of their fiscal year, as an attachment to their annual reports.

“Corporations whose AFS are being audited by the Commission on Audit (CoA) are exempted from the aforementioned deadlines, provided they attach to their AFS a duly signed affidavit attesting that they timely provided the CoA with the financial statements and supporting documents and that the CoA audit has just been concluded, as well as a letter from the CoA confirming such information,” the SEC said.

The SEC requires the GIS to be filed within 30 calendar days from the date of the annual stockholders’ meeting for stock corporations, from the date of the actual annual members’ meeting for nonstock corporations, and from the anniversary date of the SEC license issuance for foreign corporations.

“One-person corporations are not required to submit the GIS. However, they must submit the SEC Form for Appointment of Officers within 15 days from the date of issuance of their certificate of incorporation or within five days from any subsequent changes,” the SEC said.

All stock and nonstock corporations must submit their AFS and GIS online through the SEC Electronic Filing and Submission Tool. The SEC will not accept submissions over the counter or via courier, in compliance with Republic Act No. 11032 or the Ease of Doing Business and Efficient Government Service Delivery Act. — Revin Mikhael D. Ochave