The Securities and Exchange Commission (SEC) is now offering non-compliant, delinquent, and suspended/revoked corporations a new opportunity to restore their good standing through the Enhanced Compliance Incentive Plan (ECIP). This program will be available until November 30, 2024.

Listed below are the covered violations:

• 1. Non-filing of General Information Sheet (GIS) for the latest and prior years;
• 2. Late filing of GIS for the latest and prior years;
• 3. Non-filing of Financial Statements (AFS), whether audited or certified, including fines for the non-filing of the attachments required for certain corporations, for the latest and prior years;
• 4. Late filing of AFS, including fines for the late filing of the attachments required for certain corporations, for the latest and prior years;
• 5. Violations under Memorandum Circular No. 28, Series of 2020, or the "Requirement for Corporations, Partnerships, Associations, and Individuals to Create and/or Designate E-mail Account Address and Cellphone Number for Transactions with the Commission"

Note that failure to complete the submission of the requirements, as provided in the attached link, means forfeiture of the P20,000 ECIP fee for non-compliant and delinquent corporations, and 50% of the total assessed fines and penalties for suspended/revoked firms, as well as the petition fee of P3,060.