16 March 2021 – The Anti-Red Tape Authority (ARTA) commends the Securities and Exchange Commission (SEC) for making online the submission of annual financial statements (AFS), General Information Sheet (GIS), and other annual reports of corporations thru their online submission tool (OST).
Starting yesterday, corporations may begin using the OST to submit to SEC their AFS, GIS, Sworn Statement for Foundation, General Form for Financial Statements, and Special Form for Financial Statements. They will no longer be required to submit hard copies of the reports submitted through the portal.
“SEC’s move to automate their business transactions is an example of what we have been urging all other government agencies to do especially during our past inspections. Bukod po sa makakatulong na sa pag-limit ng interactions ngayong pandemya, ito po ay in line sa ating panawagan tungo sa e-governance at sa mga isinusulong po nating ease of doing business initiatives,” said ARTA Director General Jeremiah Belgica.
All stock corporations, including the branch offices, representative offices, regional headquarters and regional operating headquarters of foreign corporations, will be required to submit their reports using the OST starting this year. While nonstock corporations will still have the option to submit their reports over the counter, the SEC will require them to enroll in and submit their reports through the OST by 2022.
ARTA is urging all government agencies to follow suit with SEC’s automation efforts.
“Gawin na po nating mas madali ang transactions para sa publiko at para sa ating private sector. Kung kaya pong gawin ng ibang ahensya, dapat tayo din po. Kung kailangan po ninyo ng tulong, ang ARTA po ay nandito to provide assistance sa inyo pong mga inisyitabo sa pag streamline at automate,” Director General Belgica enjoined, stressing that the automation must provide convenience, not added burden to the Filipino people.
“Aking karagdagang paalala lang sa SEC at sa mga ahensyang nag-automate ng kanilang serbisyo ay siguraduhin na ang resulta dapat ay ang mas pinagaan at pinaikli na proseso para sa taong-bayan. Siguraduhin na ang resulta ng automation ay nagpagaan at hindi nag pahirap sa proseso,” the ARTA chief said.