The Securities and Exchange Commission (SEC) continues to improve its online systems as it moves to fully digitize all public transactions, including the submission of reportorial requirements. Effective April 1, 2022, all corporations, including stock, non-stock, and One Person Corporations (OPC) shall be required to submit their reportorial requirements through the Commission’s Electronic Filing and Submission Tool (EFAST), formerly known as the Online Submission Tool (OST).
All SEC-registered corporations and their authorized filers are required to enroll in the EFAST until March 31, 2022 and thereafter submit their annual reports in digital format and without going to the SEC office.
“Beyond making it easier and more convenient for corporations to comply with their reportorial requirements, the EFAST should help our stakeholders become more comfortable with digital-based transactions, as we harness the full advantages of new technologies in improving our services,” SEC Chairperson Emilio B. Aquino said. “This initiative is a key component of the Commission’s ongoing digital transformation, bringing us even closer to the achievement of both our ease-of-doing-business and sustainability goals.”
To start using the EFAST, the corporation and its authorized filer must first enroll at https://cifss-ost.sec.gov.ph by accomplishing an online enrollment form and submitting a board resolution authorizing its representative to file reports on behalf of the corporation, as well as a copy of their submission of email addresses and cellular phone numbers or their SEC received GIS, as required by SEC Memorandum Circular No. 28, Series of 2020. Only the 2020 version of the GIS form is acceptable.
Once successfully enrolled, the authorized filer may start submitting reports of the corporation, such as the Annual Financial Statements (AFS), General Information Sheet (GIS), Appointment of Officers for OPC, Sworn Statement for Foundations (SSF), General Form for Financial Statements (GFFS), and Special Form for Financial Statements (SFFS). Submissions of Affidavits of Non-Operation (ANO), together with the GIS or AFS, and Affidavit of Non-Holding of Annual Meeting (ANHAM), together with the GIS, are also accepted through the EFAST.
The Commission on February 8, 2022 issued SEC Memorandum Circular No. 2, Series of 2022, which provides the Schedules for Filing of Annual Financial Statements and General Information Sheet.
3/F Newtown Square, #42 Navy Base Rd., Baguio City secbaguio@sec.gov.ph | (074) 309-5804 / 09393253657 / 09972355975
All corporations, including branch offices, representative offices, regional headquarters and regional operating headquarters of foreign corporations whose fiscal year ends on December 31, 2021 shall file their AFS based on the last digit of the SEC registration number: 1 and 2 : July 1 to 15, 3 and 4 : July 16 to 31, 5 and 6 : August 1 to 15, 7 and 8 : August 16 to 31 9 and 0: September 1 to 15.
Meanwhile, a corporation whose fiscal year ends on a date other than December 31, 2021 should file its AFS within 120 calendar days from the end of its fiscal year.
On the other hand, the GIS must be filed within 30 calendar days from the date of the actual annual stockholders’ or members’ meeting.
Compliance with Memorandum Circular 28, series of 2020 shall also be made through the newly launched MC 28 Submission Portal at https://apps010.sec.gov.ph/. The Commission is no longer processing submissions via email and in person.
Other reports not available in EFAST may be submitted through email at ictdsubmission@sec.gov.ph.
By Helen Veryan C. Valdez