THE Securities and Exchange Commission (SEC) on Oct. 26, 2023, issued Memorandum Circular (MC) 19, Series of 2023, providing for the Guidelines on Declaration of Delinquent Status and Revocation of Certificate of Registration of Corporations under Sections 21 and 177 of the Revised Corporation Code of the Philippines.

The guidelines cover corporations that have failed to formally organize and commence their business within five years from the date of their incorporation; those that have commenced operations but became inoperative for at least five consecutive years; and corporations that have failed to file their reportorial requirements three times, consecutively or intermittently, within any five-year period.