Beginning last March 18, the Securities and Exchange Commission has eased the way corporations should comply with the annual reportorial requirements for submission of yearly General Information Sheets and Financial Statements.
It can now be made through private couriers, nationwide, in addition to the traditional personal submission.
The program is called the SEC Express Nationwide Submission or SENS, the SEC has announced.
Section 141 of the Corporation Code of the Philippines requires a corporation, lawfully doing business in the Philippines, to submit to SEC an annual report of its operations, together with a financial statement of its assets and liabilities covering the preceding fiscal year. The report shall be submitted within the prescribed period to SEC. In view of the deadlines imposed on the filing of these reports, there is a surge in the submission of annual corporate reports every year.
The SEC is now introducing an innovative, integrated solution to address the increasing volume of Annual Reports submission consisting of Audited Financial Statements stamped received by the BIR and General Information Sheet that will be able to integrate seamlessly with the SEC process resulting in a more efficient, reliable and convenient process for compliance of Annual Reportorial Requirements of corporations without the need to proceed to the SEC personally to submit the said documents.
The program allows filers an additional submission option to the SECâ€™s standard procedures.
With this option filers can simply send their documents to the SEC through a designated courier or courier of their choice instead of submitting these personally at SEC office and/or Satellite Offices.
Below is the step-by-step process when using SENS when submitting documents to the SEC:
- Log on to www.secexpress.ph/sens
- Accomplish, print and sign the SENS form, checklist and undertaking. Enclose these documents with the reports to be filed with the SEC in one envelope.
- Filers who do not require a return copy of the document submissions may proceed to the nearest courier office of their choice and pay the courier fee.
- Filers who require a return copy of their document submissions may proceed to the designated SENS courier and pay the service/courier fees. A list of designated SENS Couriers is available at www.secexpress.ph/sens for your reference.
- For inquiries please contact 737-8888.
The SEC Express System hotline is available to answer any questions regarding SENS. To call the hotline for free, simply dial (02) 737-8888 using any landline in Metro Manila; calls from mobile phones and landlines outside Metro Manila will be charged according to mobile and landline carrier rates. The hotline is available from 8am to 5pm, Mondays to Saturdays. (By Atty. Jay I. Dejaresco)