Annual SEC filing of Audited Financial Statements

The Securities and Exchange Commission (SEC) has posted in its website SEC Memorandum Circular No. 16, Series of 2013 dated September 13, 2013 setting forth the schedule of filing of the annual financial statements of companies with fiscal year ends December 31, 2013.

Filing Date Last Digit of SEC Registration/License
April 14, 15, 16, 17, 18 “1” , “2”
April 21, 22, 23, 24, 25 “3” , “4”
April 28, 29, 30, May 2 “5” , “6”
May 5, 6, 7, 8, 9 “7” , “8”
May 12, 13, 14, 15, 16 “9” , “0”

The schedule was issued to maintain organized and orderly filing of annual financial statements.  All corporations may file their AFS regardless of their last numerical digit of their registration or license number prior to April 14, 2014.  On the other hand, late filing shall be accepted starting May 19, 2014, subject to prescribed penalties.

Also, SEC Memorandum Circular No. 16 reminds the AFS filers that SEC will not accept AFS, other than consolidated financial statements, unless stamped “Received” by the Bureau of Internal Revenue or Authorized Agent Banks.    sec

The SEC will pre-screen the AFS and its attached components and failure to comply with any formal requirements under SRC Rule 68, shall be considered a sufficient ground for the denial of the receipt of the financial statements.  The acceptance of the AFS, however doesn’t mean that the financial statements may no longer be subjected to fines that may be imposed for any material deficiency or misstatements.

Here is the link for more info.   



Image          Some enterprises, by nature of their operations, are required to secure a special clearance, license, or permit from some other government agencies. The following will guide you about some of the types of businesses that require a special certificate or permit and the agencies that issue them.
1) Animals and animal products, registration of veterinary drugs and animal facilities Registration certificate must be  from Bureau of Animal Industry.
2) Aquatic animals, importation, Fishpond lease agreement secure permit from Bureau of Fisheries and Aquatic Resources (DA-BFAR).
3) Fertilizer products and registration of pesticide products secure registration certificate from Fertilizer and Pesticide Authority (DA-FPA).
4) Fiber and fiber products processing and trading get registration certificate and commodity clearance from Fiber Development Authority, (DA-FIDA).
5) Film and television production, export and import, booking, etc. secure registration certificate from Movie &Television Review and Classification Board (MTRCB).
6) Food, chemicals, health related business get registration certificate from Bureau of Food and Drugs, Dept. of Health (DoH-BFAD).
7) Flour processing, Grains wholesaling & retailing, milling, warehousing, exporting, importing, indenting, packaging, threshing, corn shelling, mechanical drying secure license from National Food Authority (DA-NFA).
8) Meat plant accreditation for meat & meat products, slaughterhouse operations secure accreditation certificate, registration certificate from National Meat Inspection Commission (DA-NMIC).
9) Pawnshop & lending investor secure registration certificate from Bangko Sentral ng Pilipinas, Dept. of Finance (DoF-BSP).
10) Plants & plant products: nursery accreditation Seed certification and phytosanitary secure certificate permit from Bureau of Plant Industry (DA-BPI).
11) Recruitment or placement agency for foreign employment secure registration certificate from Phil. Overseas Employment Administration and  Dept. of Labor (DOLE-POEA).
12) Recruitment or placement agency for local employment get registration certificate from Bureau of Local Employment (DOLE-BLE).
13) Schools & educational institutions: Educational institution (nursery, primary, elementary, secondary levels); Tertiary level; Technical-vocational education, training program must secure registration and accreditation permit from Dept. of Education (DepEd), Commission on Higher Education (CHEd) and Technical Education Skills Development Authority (DOLE TESDA).
14) Security agency business secure permit from Philippine National Police, Dept. of Interior & Local Government (DILG-PNP)
15) Service and repair shops for: Motor vehicles; automotive & heavy equipment; engine & engineering works, & machine shops; electronics, electrical, air conditioning & refrigeration; office & data processing equipment; medical & industrial equipment; appliances or devices; and private emission centers secure accreditation license: Bureau of Trade Regulation and Consumer Protection, (DTI-BTRCP); DTI regional offices.
16) Sugar trading, muscovado converting & trading, processing or manufacturing sugar-based products for export secure registration certificate from Sugar Regulatory Administration (DA-SRA).
17) Telecom business secure license from National Telecommunication Commission, Dept. of Transportation & Communication, (DOTC-NTC).
18) Tourism-related projects secure registration and accreditation certificate from Dept. of Tourism (DOT).
19) Transportation: Land transport service; Sea transport service Land Transport Franchise & Regulatory Board (DOTC-LTFRB) and Maritime Industry Authority (DOTC-MARINA).
20) Video production, sales and rental Optical Media Board (formerly Videogram Regulatory Board), Office of the President (OP-OMB).


Doing business in the Philippines, either as single proprietorship, partnership or corporation, calls for licenses or permits from government. An investor or businessman needs to obtain a business license in the locality where he will establish his business, as well as register his business with the Department of Trade and Industry in case of sole proprietorship, or with the Securities and Exchange Commission in the case of partnerships and corporations.
The following are the government agencies that a start-up business needs to register with:
Department of Trade and Industry (DTI) – This is where you register if your enterprise is a single proprietorship. The agency will issue a certificate of registration of business name.
Securities and Exchange Commission (SEC) – If your enterprise is a partnership or a corporation, this is where you will register. It will issue a certificate of registration.
Cooperative Development Authority (CDA) – If your set-up is a cooperative, register with this body. The agency will issue the certificate of registration.
Local Government Unit (LGU) – You register with the municipality or city where you will set up your business. This office will issue the business permit.
Barangay Hall – You register with the specific barangay in the municipality or city where you will operate your business. This office will issue the barangay clearance.
Bureau of Internal Revenue (BIR) – You register your business with this office and apply for your business’s taxpayer identification number (TIN), registration of books of accounts, authority to print.
Social Security System (SSS) – You register your business as an employer, yourself as a self-employed or as employee, and your workers as employees. This office will issue an SSS number for your business, for yourself, as well as for your workers.
Department of Labor and Employment (DOLE) – If you employ five workers or more, register your business with this agency. The DOLE is asked to promote gainful employment opportunities, protect workers and promote their welfare, develop human resources, and maintain industrial peace.
Home Development Mutual Fund (HDMF) – RA 7742 requires all SSS members earning at least P4,000 a month to register with this agency. HDMF administers the Pag-Ibig Fund.

Philippine Health Insurance Corp. (PhilHealth) – The New National Health Insurance Act (RA 7875) as amended by RA 9241 requires all employers of the government and private sectors and their employees to register with this agency. PhilHealth manages and administers the government health care system.

Requirements: Business Permit Renewal (Corporation)

A business permit is required to any person, group or corporation who establishes, operates, conducts or maintain their business with a municipality or city.  It should be renewed annually on or before the 20th of January.

Here are the requirements for business permit renewal for a Corporation.

1) Application form duly filled-up & notarized with location sketch of place of business. Normally, the form is available at the business permits & licensing office of your municipality or city.

2) Current Barangay Clearance.

3) SEC Registration & Article of Incorporation.  CDA Accreditation if Cooperative.

4) Official Receipt for the previous Business Permit.

5) Original or Copy of previous Business Permit.

6) Real Property Tax (RPT) if you owned the property where your business is situated.

7) Lease Contract if you are occupying the property under lease agreement.

8) Occupancy Permit.

9) Certificate of Gross Receipts for the previous year signed by the President or Treasurer.

10)Audited Financial Statements from previous year stamped received by the BIR or Quarterly VAT retuns (BIR Form 2550Q) or Quarterly Percentage Tax Returns (BIR Form 2551Q) or Monthly VAT Returns (BIR form 2550M) or Monthly Percentage Tax Returns (BIR Form 2551M).

11) List of employees and their addresses.

12) Recent Community Tax Certificate (Cedula).

13) Official Receipt or Insurance Policy (CGL).

14) Recent Official Receipt for Fire Safety Insurance Certificate.

Please take note that the business permit must be displayed in  a prominent, “easy to see” spot within the establishment’s premises.

The Tax Poem

Tax his land,
Tax his bed,
Tax the table
At which he’s fed.

Tax his tractor,
Tax his mule,
Teach him taxes
Are the rule.

Tax his work,
Tax his pay,
He works for peanuts

Tax his cow,
Tax his goat,
Tax his pants,
Tax his coat.
Tax his ties,
Tax his shirt,
Tax his work,
Tax his dirt.

Tax his tobacco,
Tax his drink,
Tax him if he
Tries to think.

Tax his cigars,
Tax his beers,
If he cries
Tax his tears.

Tax his car,
Tax his gas,
Find other ways
To tax his ….. ass.

Tax all he has
Then let him know
That you won’t be done
Till he has no dough.

When he screams and hollers;
Then tax him some more,
Tax him till
He’s good and sore.

Then Tax his coffin,
Tax his grave,
Tax the sod in
Which he’s laid.

Put these words
Upon his tomb,
‘Taxes drove me
to my doom…’

When he’s gone,
Do not relax,
It is time to apply
The inheritance tax.


I found this poem, and I think it was originated from USA or something.  However, most of it is applicable in the Philippines setting.

Funny or not?