Section 177. Reportorial Requirements of Corporations
(Read mo muna yung first paragraph then below yung explanation)
So, every corporation doing business in the Philippines is required to submit to the Securities and
Exchange Commission (SEC) the reportorial requirements annually and within such period as may
be prescribed by the SEC.
This section makes the submission of reportorial requirements obligatory and the failure to submit
such reports is penalized under Section 161 with a fine ranging from P10,000 to P200,000, at the
discretion of the court or if injurious or detrimental to the public, the penalty is a fine ranger from
P20,000 to P400,000.
So, the reports to be submitted to the SEC are the (read mo letter A, B tas yung 1,2)
So, if the corporation does not submit these reportorial requirements, the SEC may place that
corporation under delinquent status, if the failure is 3 times consecutively or intermittently, within
a period of 5 years. The SEC shall give reasonable notice to and coordinate with the appropriate
regulatory agency prior to placing under delinquent status companies under their special regulatory
jurisdiction.
Please take note also that reports are confidential. So any person required to file a report with the
SEC may redact confidential information.. (read mo lang yung last paragraph then tapos na)