Non-Imposition of Fines and Other Monetary Penalties for Non-Filing, Late Filing and Failure to Comply with Compulsory Notification and Other Reportorial Requirements

November 5, 2020SEC MEMORANDUM CIRCULAR NO. 31-20TO : All Concerned   SUBJECT: Non-Imposition of Fines and Other Monetary Penalties for Non-Filing, Late Filing and Failure to Comply with Compulsory Notification and Other Reportorial Requirements WHEREAS, Republic Act (RA) No. 11494, otherwise known as the "Bayanihan to Recover as One Act," was signed into law on September 11, 2020 to accelerate the recovery and bolster the resilience of the Philippine economy through measures grounded on economic inclusivity, and collective growth through fiscal sustainability, among others. HTcADCWHEREAS, Sec. 4 of RA No. 11494 enumerates COVID-19 response and recovery interventions. Particularly, paragraph www of Sec. 4 provides:(www) Provision of regulatory relief during the effectivity of this Act for business entities by directing the SEC and other regulatory agencies to desist from imposing fines and other monetary penalties for non-filing, late filing, failure to comply with compulsory notification and other reportorial requirements relating to business activities and transactions that promote continuity and capacity-building in all sectors of the economy during the community quarantine (CQ).NOW, THEREFORE, the Commission hereby promulgates the...