MANILA - The Securities and Exchange Commission (SEC) on Wednesday said it will launch an online portal for the submission of annual financial statements of corporations and partnerships, who are obliged to enroll on the platform.
The SEC said its online submission tool (OST) will also be used for the submission of companies' General Information Sheet (GIS), and other annual reports starting March 15.
“With the OST, we are one more step closer to achieving our ease-of-doing-business and sustainability goals, which have been at the core of our ongoing digital transformation,” said SEC Chairperson Emilio B. Aquino.
The regulator said the online portal will also help limit face-to-face interactions, and help stem the transmission of COVID-19.
"Corporations, partnerships, and their authorized filers are required to enroll in the OST by accomplishing the online application form and submitting the required documents at https://ciffs-ost.sec.gov.ph," the SEC said.
The agency added that all stock corporations, including the branch offices, representative offices, regional headquarters and regional operating headquarters of foreign corporations, will be required to submit their reports using the OST starting this year.
"Meanwhile, nonstock corporations will still have the option to submit their reports over the counter. By 2022, the Commission will require all nonstock corporations to enroll in and submit their reports through the OST," the SEC said.