SEC’s online filing facility going live

The online submission tool (OST) of the Securities and Exchange Commission (SEC)—which all corporations and partnerships are mandated to use to comply with their reportorial requirements—is set to go live on 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,” SEC chair Emilio Aquino said on Wednesday.

“The OST is equally important in our efforts to automate business transactions to limit face-to-face interactions, and consequently help stem the transmission of COVID-19 and accelerate the country’s recovery from the pandemic.”

Corporations and partnerships may submit their annual financial statements (AFS), general information sheet (GIS), and other annual reports to the SEC using the OST. 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.

Nonstock corporations will still be given the option to submit their reports over the counter. By 2022, however, the SEC will also require all nonstock corporations to enroll in and submit their reports through the OST.

Law, consultancy and other firms providing related services to corporations and partnerships may also enroll as authorized filers.

For corporations and partnerships, the documents required for enrollment include a board resolution authorizing the representative to file reports on behalf of the corporation or partnership, along with pertinent email addresses and cellular phone numbers or their accomplished GIS using the 2020 version of the form.

All stock corporations, including 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.

The SEC will no longer require hard copies of the reports submitted through the portal.

Corporations may also use the OST for the filing of their sworn statement for foundation, general form for financial statements and special form for financial statements during the initial implementation. It will also accept submissions of affidavit of nonoperation, together with their GIS or AFS, and affidavit of nonholding of annual meeting), together with the GIS.

The online facility will show the required format of the report to be submitted. All reports will undergo quality check upon submission. Once approved, the filer will receive a QR code indicating the final acceptance of the reports.

Upon successful submission, the reports will be made available to the public through the online submission portal.