Philippines introduces new mandatory requirements for Corporations, Partnerships, Associations, and Individuals
12 January 2021 - In the Philippines, the Securities and Exchange Commission (SEC) has recently released a Memorandum Circular (MC) 28-2020 that requires all Corporations, Partnerships, Associations, and Individuals under the jurisdiction of the SEC to provide two valid official electronic e-mail addresses and two valid official phone numbers. The purpose of the new requirement is to facilitate and expedite the transmission and receipt of official communications as well as enhancing integrity.
The submission of the required information to the SEC was required to be completed by 30 December 2020. However, the deadline was recently extended until 22 February 2021. Starting from 23 February, 2021 and onwards, the e-mail addresses and phone numbers will have to be filed with the SEC on a regular basis, i.e., included in the General Information Sheet or Notification Update Form.
Failure to comply with the new law will result in an imposition of a fine of P10, 000.00 (approx. EUR 170).