After the successful implementation of an amnesty program last year, the SEC issued on Aug. 30 a memorandum circular providing for the Enhanced Compliance Incentive Plan (ECIP).
The incentive program allows corporations that have failed to submit their annual reports on time to restore their good standing.
“As a regulator, the SEC is committed to ensuring that entities under its supervision are compliant with all the laws, rules and regulations applicable to them,” SEC chairperson Emilio Aquino said.
Aquino said the regulator has strictly imposed higher revised fi nes and penalties after the SEC Amnesty Program to encourage strict and habitual compliance with reportorial obligations and good corporate housekeeping.
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Esta historia es de la edición September 03, 2024 de The Philippine Star.
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