SEC-Cebu Modifies Transactions To Align With ECQ

SEC-Cebu Modifies Transactions To Align With ECQ

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The Cebu extension office of the Securities and Exchange Commission (SEC) is open for transactions under a modified procedure aligned with the new measures under the enhanced community quarantine (ECQ).

Tiara Jabutay, SEC-Cebu information officer, said in a statement that the SEC-Cebu Extension Office (CEO) will no longer accept walk-in transactions as per request of Mayor Edgardo Labella.

The office is still accepting applications such as registrations, amendments, and other transactions, as long as clients send their documents to seccebu@sec.gov.ph for initial review, Jabutay said.

She said the SEC company registration system (CRS) is still accepting applications for registration of a corporation with five or more incorporators.

“The CRS allows for the full automation and online pre-processing of the registration of corporations and partnerships, as well as licensing of foreign corporations,” Jabutay said.

Under this system, she said the applicant can verify proposed company name, generate articles of incorporation, bylaws and other company registration documents. Once these documents are uploaded to the CRS, they are up for processing, review and approval.

She said once the applicant has completed the online process, the scanned copy of the generated application may be emailed to seccebu@sec.gov.ph for initial review.

Meanwhile, for transactions such as amendments, registration of one person corporation (OPC) under the new amendment to the Corporation Code of the Philippines, registration of corporations with two to four incorporators, petitions, increases in authorized capital stock, and other transactions that require a personal appearance, clients must send their documents to seccebu@sec.gov.ph for initial review.

The reviewer will communicate further instructions to the clients in any of the transactions through email while Cebu is still under enhanced community quarantine, Jabutay said.

As for the filing of annual reports such as the general information sheet (GIS) and audited financial statement (AFS), the Commission has not provided an extension, she said.

However, corporations may submit their reports through alternative methods such as courier services or email.

The public can access SEC Memorandum Circular No. 9 and SEC Memorandum Circular No. 10 for guidelines on how to submit reports via email.

She said that the AFS deadline for filing is extended to June 30, 2020 for ordinary stock and non-stock corporations whose fiscal year ended in November 30, 2019 or December 31, 2019.

SEC-Cebu has also temporarily suspended its public information seminars in order to avoid any mass gatherings, in compliance with the quarantine measures to combat the threat against coronavirus disease (Covid-19), Jabutay said.

According to her, although the office has adopted work from home arrangements, a skeletal workforce comes in and out of the office daily to provide the back office needs of those working from home.

SEC Cebu officer-in-charge, lawyer Alma Marie E. Dalena, said, “Cebu City is placed under enhanced community quarantine, but our office commits to continually serve the public. Our work from home arrangements ensure that we still get our jobs done. We hold remote video conferences twice a day and we also make sure to monitor the accomplishment reports of employees.”

She said the SEC also continues to accept requests for monitoring or proof of compliance of reportorial requirements.

To make a request for monitoring, clients may send a scanned copy of their latest GIS and AFS to seccebu@sec.gov.ph.

For additional inquiries, the public may contact the SEC Cebu Extension Office by emailing seccebu@sec.gov.ph or calling any of the following numbers: (032) 416 9339, (032) 412 7091, or (032) 253 5337.

“Our office is always ready to serve our clients, stakeholders, and constituents through remote communication methods. Please bear with us during this time because we are doing everything we can to prevent the further spread of the virus,” Dalena said. (PNA)

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