There are a total of 11,677 corporations that have failed to submit their annual financial statements (AFS) and general information sheets (GIS) for eight years, or from 2015 to 2022, based on SEC records as of end-October.
The SEC said these firms are under evaluation for the possible suspension of their certificates of incorporation.
The commission explained that every corporation, domestic or foreign, doing business in the Philippines is required to submit AFS and GIS, among other reportorial requirements, annually and within such period as may be prescribed by the SEC under the Revised Corporation Code of the Philippines (RCC).
This story is from the December 14, 2024 edition of The Philippine Star.
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This story is from the December 14, 2024 edition of The Philippine Star.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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