On Aug. 30, PHI SEC adopted an enhanced compliance incentive plan.
PHI SEC issued circular on adoption of an enhanced compliance incentive plan (ECIP).
Follows PHI SEC Dec. 2023 reminded amnesty program for non-compliance, #182651.
Covered Violations
The ECIP shall cover not yet assessed or not yet issued payment assessment form, and uncollected fines and penalties by PHI SEC for certain violations by corporations.
In addition, the ECIP shall also cover violations under memo circular no. 28, s. 2020, or the requirement for corporations, partnerships, associations, and individuals to designate e-mail account address and cellphone number for transactions with PHI SEC.
Fees and Suspension
ECIP fee for late and non-filing of general information sheet and financial statements, or non-compliance with memo circular no. 28, will be PHP 20k for non-compliant corporations; for suspended and revoked corporations, it will be 50% of assessed fines.
Payment of the ECIP fee does not confer compliant status to firms, nor automatically lift the suspension and revocation; firms must follow application/payment procedures.
Effectiveness
Applications for ECIP shall be accepted starting from Sep. 2, 2024 to Nov. 30, 2024.
The circular takes effect immediately.
Sep. 2024 Notice
On Sep. 2, 2024, PHI SEC issued notice reiterating deadline for ECIP of Nov. 30, 2024.
Sep. 2, 2024 Press Release
On Sep. 2, 2024, PHI SEC issued a press release outlining the details of ECIP, reiterates deadline, timelines and requirements as per its circular of Aug. 30 above.
Document dated Sep. 2, 2024, received from PHI SEC Sep. 6, summarized Sep. 9.
Sep. 23, 2024 Reminder
On Sep. 23, 2024, PHI SEC reminded firms of the Nov. 30, 2024 deadline for ECIP.
Reiterated eligibility, timelines and requirements as per the Aug. 30 circular above.
Nov. 2024 Clearing Reminder
On Nov. 4, 2024, PHI SEC reminds corporations to clear their record and avoid higher fines and penalties for the late and non-filing of reportorial requirements to PHI SEC.
Corporations must submit latest annual financial statements and general information sheets to qualify for ECIP, suspended or revoked corporations need to submit petition.
Applications are done through PHI SEC’s eFAST and payment is via eSPAYSEC.
