SEC readies measures to help companies cope with coronavirus disruption

ABS-CBN News

Posted at Mar 11 2020 01:44 PM

SEC readies measures to help companies cope with coronavirus disruption 1
The Philippine Stock Exchange (PSE) building at the Bonifacio Global City in Taguig, Feb. 18, 2020. Jonathan Cellona, ABS-CBN News/File

MANILA -- The Securities and Exchange Commission said Wednesday it would soon allow remote communication during corporate meetings and extend the filing period for annual reports to help companies cope with the coronavirus disease outbreak.

A memorandum circular will be issued to provide for the reporting adjustments, the SEC said.

The SEC said it had been using remote communication for meetings with extension offices in Baguio, Tarlac, Legazpi, Cebu, Bacolod, Iloilo, Davao, Cagayan de Oro and Zamboanga.

"In line with the President’s declaration of a state of public health emergency, the Commission will explore and implement all appropriate measures to help contain the spread of COVID-19 and mitigate its effects," SEC Chairperson Emilio B. Aquino said.

President Rodrigo Duterte on Monday placed the Philippines under a state of public health emergency after authorities confirmed the first COVID-19 local transmissions. At least 33 infections have been verified.