In the Matter of Declaration of Delinquency of Status of Registered Corporations

December 15, 2022 IN THE MATTER OF DECLARATION OF DELINQUENCY OF STATUS OF REGISTERED CORPORATIONS ORDER WHEREAS, pursuant to the Revised Corporation Code of the Philippines and the SEC rules and regulations on reportorial requirements, corporations are required to submit annual reports, such as General Information Sheets and Financial Statements; WHEREAS, the records of the Securities and Exchange Commission (the Commission) show that 2,384 corporations registered with the Zamboanga Extension Office, whose names are enumerated in the attached list marked as Annex "A" failed to submit any of the abovementioned reports for three times, consecutively or intermittently, within a period of five (5) years. WHEREAS, the Commission, by virtue of Section 5 (m) of Republic Act No. 8799 (the Securities Regulation Code) and Section 6 (l) of Presidential Decree No. 902-A (RCC), as amended, is vested with authority to suspend after proper notice the certificate of registration of any corporation upon any of the grounds provided by law. Further, Section 177 of the Revised Corporation Code of the Philippines (RCC) states that: "Reportorial Requirements of Corporations. Except as otherwise provided in this Code or in the rules issued by the Commission, every corporation, domestic or foreign, doing business in the Philippines shall submit to the Commission: (a) Annual financial statements audited by an independent certified public accountant: Provided, that if the total assets or total liabilities of the corporation are less than Six hundred thousand pesos (P600,000.00), the financial statements shall be certified under oath by the corporation's treasurer or chief financial officer, and (b) A general information sheet. xxx xxx xxx The Commission may place the corporation under delinquent status in case of failure to submit the reportorial requirements three (3) times, consecutively or intermittently, within a period of five (5) years. The Commission shall give reasonable notice to and coordinate with the appropriate regulatory agency prior to placing under delinquent status companies under their special regulatory jurisdiction." x x x WHEREAS, the NOTICE is hereby given that those corporations listed in Annex "A" are directed to appear within thirty (30) days from the date of publication of this ORDER at the Compliance Monitoring Division (CMD) or any SEC Extension Office of choice to explain why its Certificate of Incorporation should not be declared delinquent in accordance with the above laws and SEC rules and regulations. After the lapse of the said 30-day period and the corporations named in the attached list fail to appear and have not updated their reports, as well as settled the corresponding fine or penalty, their CERTIFICATES OF INCORPORATION shall be deemed DELINQUENT . Let this Order be published in SEC Website and in a newspaper of general publication. SO ORDERED. Zamboanga City, Philippines, December 15, 2022. (SGD.) ATTY. JESUS SALVADOR A. URO Director ANNEX A List of Delinquent Corporations