The Securities and Exchange Commission (SEC) continues to spearhead streamlined reforms on the development and implementation of an electronic filing and monitoring system, pursuant to Section 180 of Republic Act (RA) 11232, otherwise known as the “Revised Corporation Code of the Philippines.”
Two weeks after I wrote about the SEC’s Online Submission Tool (OST), the commission last February 18 released for public comment the draft memorandum circular providing for the schedule and procedure for the filing of annual financial statements (AFS), general information sheet (GIS) and other annual reports, as part of efforts to further limit face-to-face interactions during the pandemic, automate business transactions and promote sustainable business practices, through the newly developed OST.
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