The Securities and Exchange Commission gave companies affected by the outbreak of the coronavirus disease (COVID-19) more time to submit annual and quarterly reports.
In a new memorandum circular issued by SEC, corporations with domestic operations only may file until June 30 their annual reports (SEC Form 17-A) and/or annual financial statements for the period ending December 31, 2019.
For companies with domestic and foreign operations, the filing period is extended until June 30 or 60 days from the date of lifting of travel restrictions by concerned government authorities, whichever comes later.
The filing period for the quarterly reports (SE Form 17-Q) of publicly listed companies and registered issuers of securities for 2020 will also be adjusted accordingly.
Meanwhile, corporations whose preparation of financial statements or completion of statutory audits are not affected by the COVID-19 outbreak are required to file their annual reports and/or annual financial statements for the year ending December 31, 2019 within the periods prescribed under existing rules and regulations.
“The new coronavirus disease, COVID-19, has posed specific challenges to some Philippine companies in complying with certain reportorial requirements,” SEC chairperson Emilio Aquino said.
“For one, the travel restrictions, suspension of business operations and other measures implemented to contain the spread of COVID-19 have kept companies, particularly those with operations in China and other affected territories, from gathering all information or documents necessary in the preparation and the subsequent audit of their annual financial statements.”
A publicly listed company must submit a written request to the SEC at least five days before the deadline of filing to avail of the extended deadline.
The submission should include a sworn certification signed by the company’s president and treasurer on the financial year ending December 31, 2019 and on significant business operations or subsidiaries in China or other affected territories, including the Philippines.