● Non-filing of General Information Sheet (GIS) for the latest and prior years;
● Late filing of GIS for the latest and prior years;
● 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; and
● Late filing of AFS, including fines for the late filing of the attachments required for certain corporations, for the latest and prior years.
ECIP also covers violations under SEC Memorandum Circular No. 28, Series of 2020, which requires all entities registered with the Commission to designate and submit their official and alternative email addresses and mobile phone numbers.
Applications of non-compliant, suspended and revoked corporations for ECIP may be submitted starting September 2, 2024 and until November 30, 2024.

Eligible corporations
Stock and nonstock corporations, including branch offices, representative offices, regional headquarters, and regional operating headquarters of foreign companies, may avail of the ECIP, except corporations:

● whose securities are listed on the Philippine Stock Exchange (PSE);
● whose securities are registered but not listed on the PSE;
● considered as public companies;
● with intra-corporate dispute;
● with disputed GIS;
● with expired corporate term; and
● covered under Section 17.2 of Republic Act No. 8799, or the Securities Regulation Code.

Non-compliant corporations include those that have not submitted their GIS and AFS intermittently or consecutively in previous years, and/or have not complied with MC 28.
Delinquent corporations, meanwhile, are those that have failed to file their AFS or GIS for three times, consecutively or intermittently, within a period of five years, as provided under SEC Memorandum Circular No. 19, Series of 2023.

Requirements
Payment of the ECIP fee, in itself, does not automatically confer “compliant” status to availing corporations or lift the suspension and revocation of their certificates of incorporation. Applicants are required to submit the corresponding supporting documents.
For non-compliant and delinquent corporations, they must submit their latest reportorial requirements (i.e., AFS and GIS) due at the time of the application through the SEC Electronic Filing and Submission Tool (eFAST) and submit their official and alternate email addresses and mobile phone numbers through the MC28 Submission Portal.
For corporations whose certificates of incorporation have been suspended or revoked, they must submit a Petition to Lift Order of Suspension/Revocation of Certificate of Registration, along with supporting documents such as their latest due AFS and GIS, MC28 compliance, Secretary’s Certificate of No Intra-Corporate Controversy, latest mayor’s or business permit, and certificate of registration with the Bureau of Internal Revenue.
Should an applicant-corporation fail to submit the complete set of requirements within the prescribed period, the ECIP fees, as well as the initial petition fee of P3,060 applicable to suspended and revoked corporations, shall be forfeited.

Application process
To avail the benefits of ECIP, a duly authorized representative or resident agent of a corporation must file an Online Expression of Interest Form and Application for Availment of ECIP through eFAST.
After submission of the EOI, eFAST will generate a Payment Assessment Form (PAF) reflecting the fixed ECIP amount of P20,000 for non-compliant and delinquent corporations.
The non-compliant or delinquent corporation must settle the amount through the Electronic System for Payment to SEC (eSPAYSEC) which will generate an electronic official receipt.
Once the payment is settled, the non-compliant or delinquent corporation must submit its latest due AFS and the required attachments, if any, and GIS. Subsequently, a confirmation of payment will be sent to its registered email address.
Meanwhile, revoked and suspended corporations will have to accomplish the EOI on eFAST and will be directed to pay the petition fee first via eSPAYSEC.
After paying the petition fee, the revoked or suspended corporation must submit its latest due AFS and the required attachments, if any, and GIS through eFAST.
The suspended or revoked corporation must also submit the Petition to Lift Order of Suspension/Revocation, alongside the supporting documents, to the designated emails addresses depending on its principal address.
The revoked or suspended corporation must then wait for the Payment Assessment Form (PAF) indicating the 50% assessed fines and penalties, which will be sent through their registered email address, as well as for the verification of its corporate status.
Once payment is complete and the submitted documentshave undergone monitoring and evaluation, the suspended or revoked corporation will receive payment confirmation and its corporation status will be updated, subject to the processing and issuance of the Lifting of Revocation and/or Order of Revival.
For a definitive guidance in availing of the Enhanced Compliance Incentive Plan, please read the full text of SEC Memorandum Circular No. 13, Series of 2024 on the SEC website.

Senior Deputy Administrator Amethya dela Llana, head of Ecology Department of the Subic Bay Metropolitan Authority (SBMA) said she “will issue a show cause” order to the Philippine Coastal Storage & Pipeline Corporation (PCSPC) for the fuel oil slick that currents carried across the pristine waters of Subic Bay.

“I will call for a technical conference when I issue a show cause”, dela Llana said.

Diesel is considered as “one of the most acutely toxic oil types” that can taint and impact marine life like fish, crabs, sea weeds and corals, but may also affect birds “by direct contact”.

According to dela Llana, the slick “might be diesel” based on the pictures taken by Subic Bay News from 11:03 AM to 12:24 PM showing the fuel oil slick, estimated a hundred meter long and around 15 meters wide at some point, travel several kilometers from the PCSPC ports to the shores of Subic Bay International Airport (SBIA).

PCSPC did not respond to messages sent by Subic Bay News to inquire on the matter.

PCSPC denied the possibility of their piers being the source of a spill, according to dela Llana, when she called the company’s attention.

“Ako po mismo ang nagtanong,” she said, but was told “no operation and wala pong barko ang Coastal (PSCPC) ngayon”. However, it appears that PCSPC lied to dela Llana because at least three vessels were at the company’s piers on Thursday morning, namely MT Jag Parth, MT Chelsea Excellence and MT Hoya Grace.

The source of the spill may not necessarily have come from vessels, though, as it could also have come from PCSPC’s own fuel pipes on the piers leading to and from the company’s several storage tanks with a total capacity of around one billion liters.

PCSPC, also referred to as Coastal, may face stiff fines and penalties, on top of a tarnished image if found responsible for the Maundy Thursday fuel oil spill in Subic Bay. (VVV) ###

SUBIC BAY FREEPORT – The Bureau of Internal Revenue (BIR) padlocked this morning (July 14) the warehouses of two cigarette manufacturing companies here for illegal activities uncovered under the agency’s Tax Compliance and Verification Drive (TCVD).

            No less than BIR Commissioner Romeo D. Lumagui, Jr. led the inspection of the warehouses where dozens of unregistered cigarette manufacturing equipment, as well as cigarette packing and raw materials were found.

            “Na-confirm natin na hindi rehistrado lahat ng makina ng dalawang kumpanyang ito at hindi rin rehistrado ang mga brands na ito,” Lumagui said clarifying that the non-registration is a violation that could draw not only fines, penalties and seizure but imprisonment as well.

            According to the TCVD mission order issued by OIC BIR Regional Director Emmanuel S. Ferrer, Jr., the two companies maintaining the now padlocked warehouses are OneSubic Premier Manufacturing Corporation (OPMC) and Hongcim International Corporation (HIC), sister companies operated by the same group of owners whose names are yet to be released.

            The country is losing around P100 B yearly in taxes due to the unscrupulous practices of manufacturers in the cigarette industry alone, according to Lumagui, denying government much needed funds that could help provide services to the public.

            He said the BIR has been receiving reports that cigarette brands supposedly made for the international market, such as those found at the OPMC and HIC warehouses, namely RGD, Baisha, Liqun, Saat, Furongwang, Nanjing, Shuangxi, Brustun, Azalea and Chunghwa find their way in the local market, skipping the payment of excise tax and other fees.

            Subic Bay News tried to get a reaction on the closures from Chairman and Administrator Jonathan D. Tan of the Subic Bay Metropolitan Authority (SBMA) which administers the Subic Bay Freeport but he has yet to respond as of this writing.

###

In a simple contract signing ceremony, the partnership was sealed between IWG Country Manager Lars B. Wittig and Pacific Ace President Virginia S. Dio on Thursday, February 16 at the latter’s headquarters in the Freeport’s Central Business District.

“It’s a match made in heaven”, according to Dio citing IWG’s established global leadership in hybrid work solutions and workspace brands and Pacific Ace’s Green Building advocacy to lessen the negative impact of carbon footprint to the environment and to human health.

Under the contract, IWG and Pacific Ace will utilize the 2nd floor of The Gardens by Pacific Ace and will commence operations of the shared workplace on August 2023 with a number of co-working desks, meeting rooms, and private offices.

IWG’s unrivaled network coverage includes 3,500 locations across more than 120 countries and 83% of Fortune 500 companies amongst their growing customer base.

“Through our brands including Regus, Spaces, HQ and Signature, we help millions of people and their businesses to work more productively. We do so by providing the world’s leading hybrid work platform with professional, inspiring and collaborative workspaces and digital services all available via the IWG application,” Wittig said.

“Subic has been ready for this business concept for at least 8 years and we’re now ready for Subic.”, Wittig said, “adding that Subic is a strategic location that they have targetted for expansion since the opening of Regus in Clark Freeport Zone in 2015.” And since the business is well proven in Clark, Subic is a logical extension, he said.

According to Renato W. Lee III, Senior Deputy Administrator for Business and Investment, he is certain that the new business concept in the Freeport is set to bring business to a whole new level.

Also present in the contract signing were SBMA Senior Deputy Administrator for Regulatory Group Amethya L. Koval who is also Ecology Head of SBMA, and several Freeport locators’ representatives. (MIKA ARCENAL)

###

The Bangko Sentral ng Pilipinas (BSP) cited the growth in Philippine Payment and Settlement System (PhilPaSS) transactions in the past few years during the recent Bank of Japan – Institute for Monetary and Economic Studies Conference.
“In the first five years of operations, PhilPaSS processed around 1,400 transactions on average in a day—valued at P350 billion. This grew by leaps and bounds from 2016 to 2020, recording over 6,400 daily transactions on average, which were valued at P1.6 trillion per day,” said BSP Governor Benjamin E. Diokno.
Established in 2002, PhilPaSS is a real-time gross settlement system that processes and settles interbank high value payment transactions through demand deposit accounts of the banks maintained with the BSP.
By allowing financial institutions (FIs) to manage settlement risks, PhilPaSS fosters the smooth flow of funds in the financial system. This promotes financial stability and broader economic growth.
On July 26 last year, the BSP upgraded PhilPaSS to the next-generation PhilPaSSplus to accommodate the growing number of settlements between FIs while enforcing stringent controls for security of transactions.
PhilPaSSplus, which also supports retail payment transactions, is a key component of the BSP’s Digital Payment Transformation Roadmap, which aims to convert at least 50 percent of the country’s financial transactions into digital form and to have at least 70 percent of Filipino adults with transaction accounts.

THE Subic Bay Freeport Zone has a “unique” advantage in having both an airport and a seaport at the same time, according to Subic Bay Metropolitan Authority (SBMA) Sr. Deputy Administrator (SDA) Ronnie R. Yambao.

“The SBMA, as an enabler of free trade and commerce, is ready to offer its airport and port facilities as a logistics supply chain solution for the distribution of aquamarine and agricultural commodities locally and abroad,” Yambao said, “its intermodal network by land, sea and air is a game changer that will accelerate growth in the logistics sector.”

SDA Yambao made the remarks on Tuesday at Subic’s Mansion Garden Hotel during the Philippine Aquamarine and Agriculture Development Concession Memorandum of Agreement (MoA) signing ceremony that aims to put up a “state of the art” Logistics Hub in the Freeport.

The project, touted to generate trading worth some $420 M annually when launched, would bring Japan’s Tokushima Auction Market and its marketing arm Global Trade Venture (GTV) Company Ltd. to Subic.

GTV/TAM President and CEO Yoshihisa Arai and Japan Medicinal Association (JMA) Chairman Dr. Kazuo Hara led the signing MoA signing along with lawyer Manuel B. Quijano, President of Magbukun Agri-venture Inc., Ayta Chieftain Berlina Rostum and Subic Indigenous People Assistance Group (SIPAG) Acting President Aurelio Pineda.

Amin Javadi, Iran’s Ambassador to the Philippines graced the MoA signing with his presence along with senior Japanese consultants Kazuo Sato and Nobayasu Sugimoto.

“By bringing in this group that will not only be investors but will be joint venture partners of SBMA that will allow huge trading volumes,” Quijano said in the press conference that followed.

A day before, GTV/TAM had just consummated a similar MoA with the officials of the Southern Philippines Development Authority (SPDA) and Asia Pacific Precision Agriculture Group (ASPAC AG) in Davao City. (VVV)

###

CITY OF SAN FERNANDO, Pampanga — Bureau of the Treasury (BTr) is inviting Central Luzon residents to invest in its 27th tranche of the Retail Treasury Bonds (RTBs).
Treasurer of the Philippines Rosalia De Leon said this year, the government’s borrowing strategy consists of raising P2.2 trillion, with around 75% to be sourced through the domestic market.
“Last year, RTB 25 and 26 raised over P832.3 billion. With this growing success and demand throughout the years, the RTBs now accounts to more than 30% of our government’s outstanding securities. But despite this monumental feat, we at the BTr are reminded that with a New Year, more can always be done to be and do better,” she said.
With the theme “Mula sa Puso, Para sa Pinas”, the BTr chief said this latest offering is the safest way to grow investment ultimately and can provide investors with a more financially secure future.
De Leon furthered that RTB has truly become a significant feature of the BTr savings mobilization program not only because it does make investing in government securities easily available to investors, but more importantly, allows for Filipinos all over the world to contribute to the funding of the national government’s programs.
Meanwhile, BTr said by maintaining a bias towards domestic sources of funding, they can not only protect the government from foreign exchange risks, but also take advantage of the Central Bank’s support to maintain an accommodative monetary stance.
“In addition to financing the government’s recovery, resilience, and emergency programs, the funds will also be used to continue the trajectory of the massive infrastructure push of our Build Build Build program aimed at maximizing economic efficiency and contribute to the achieving of Gross Domestic Product growth of 79%,” De Leon said.
Only a minimum of PhP5,000 is required for an individual to start investing. This provides an annual interest rate of 4.875% and are paid quarterly during its five year maturity period.
To avail of the RTBs, interested individuals may go to any of the 19 banks which are authorized selling agents of the BTr.
These include Asia United Bank, Banco de Oro Unibank, Inc., BDO Capital and Investment Corporation, BPI Capital Corporation, China Banking Corporation, Citibank NA, Development Bank of the Philippines, East West Banking Corporation, First Metro Investment Corporation, ING Bank NV, Land Bank of the Philippines, Metropolitan Bank & Trust Company, Philippine Bank of Communications, Philippine National Bank, Rizal Commercial Banking Corporation, Robinsons Bank Corporation, Security Bank Corporation, Standard Chartered Bank, and Union Bank of the Philippines.
Another way is to invest through the BTr Online Ordering Facility via treasury.gov.ph, but this is only for First Metro Investment Corporation, Land Bank of the Philippines, and China Banking Corporation.
Meanwhile, applications based investment channels can also be used to invest including the LBP Mobile Banking app, Overseas Filipino Bank Mobile Banking app, and Bonds.PH app.
As an additional feature, De Leon said that BTr is also introducing an exchange offer program called SWITCH, where bond holders of FXTN 20-02 and FXTN 3-24 which will mature on March 14, 2022 and July 4, 2022, respectively will be allowed to exchange their holdings for the latest RTB offering.
The bonds can be purchased until February 28, 2022, while the issue date is on March 4, 2022.
Also, in pursuit for financial literacy and inclusion, De Leon said BTr will launch its financial planning application that aims to make investment tools readily available to those who are keen in fulfilling their financial goals. With its varieties of functionalities, starting, planning, and managing one’s financial journey can now be made easier and more accessible to Filipinos around the globe. (CLJD/MJSC-PIA 3)

USAID Philippines Acting Deputy Mission Director Jeff Goebel joined Acting Department of Information and Communications Technology (DICT) Secretary Emmanuel Rey Caintic and representatives from the private sector and civil society to discuss ways to make the internet more accessible for all Filipinos.

“USAID is working toward a future where digital technology promotes inclusive growth, fosters resilient and democratic societies, and empowers all, including the most vulnerable,” said Acting Deputy Mission Director Goebel. “Closing the digital divide requires global cooperation, leadership, and innovation in finance and technology. This is a need that is even more crucial today as we continue to face the challenges brought about by the COVID-19 pandemic.”

While the cost of one gigabyte (1GB) of mobile data in the Philippines has become more affordable over the past five years, 1GB mobile broadband remains unaffordable for about 40 percent of the population. Only about half of the country’s population use the internet due to high prices of data services and devices, and limited network coverage in the countryside.

“Our main challenge is the coverage of quality and affordable internet services, especially in remote locations. With wider coverage, Filipinos will be able to access information and participate in rebuilding the Philippine economy,” said DICT Acting Secretary Caintic in his keynote message.

Participants noted that promoting infrastructure sharing, improving national data collection efforts, and encouraging interconnection and peering, among others, could help address these challenges.

Technologies and strategies to maximize bandwidth and optimize energy consumption are key to keeping costs low. Strategic partnerships with government agencies such as the Department of Education and civil society organizations to bring education programs to remote areas can also help bridge the digital divide.

Through its Better Connectivity and Access (BEACON) project, USAID helps improve the Philippines’ ICT and logistics infrastructure; strengthen the regulatory, business, and innovation environment; and bolster cybersecurity. To help bridge the digital divide, USAID also assists the government in automation and digitization efforts, and supports community networks to expand low-cost internet access for underserved communities.

NU’s Ar. Shaunn Remzzo T. Blanco, led the 1370 (out of 2205) board passers, taking the top spot with an overall rating of 83.50% in the January 2022 Architect Licensure Examination.

A son of a registered nurse and an architect, Shaunn dreamt to be an architect since he was young, “When I was a child, I (only) wanted to build my mom her dream house. But when I entered this profession, (I realized) it wasn’t just about building houses or structures, it is actually about creating these and the special experiences that everyone would remember.”

Inspired and fascinated with his father’s profession, Shaunn talked to his godfather who shared a lot of things about National U. ‘’One thing I remember was when he talked about prestigious and famous architects from NU, that’s when I realized that if National University was able to produce those architects, then they can mold me into the architect I’ve always dreamt to be.”

When asked about his parents’ reaction Shaunn said, “The moment na nakita ko yung name ko sa list of passers, hindi ko na chineck (topnotchers), friend ko pa yung nag inform sa akin that I topped the exam. I was surprised. My mother cried, pero they always knew na kaya ko ipasa. As for my father, they did not ask naman daw for this pero Top 1 pa daw ang binigay ko, so they were surprised as well.”

According to Shaunn, his secret to success in the ALE is proper conditioning of mind, body and emotions to manage stress and anxiety. “Na-realize ko na mas okay pang relaxed ako during the exams. So even sa paglabas ko ng exam room, I wasn’t really thinking of what I did wrong in the exam. Instead, I thought of it as a way for me to prove myself, regardless of the results”, he added.

The new architect shared that the Nationalian core value that he believes he possesses is integrity. He stressed that it is important in the profession because “integrity defines us and how we continue to uphold our ideals as architects.”

His advice to other professional board examinees is to “Study for future practice, not only for board exam purposes. It will be helpful if ganun yung mindset to retain information”, Shaunn said.
For more than 120 years, National University has been recognized for its academic excellence which has formed the country’s most successful movers and shakers in various industries.

National University brings quality education closer to home as it inaugurates its first campus in Central Luzon at SM City Baliwag in Bulacan. NU Baliwag is the fourth campus to open as part of the University’s ten-year expansion program.

As shared by National University Chairman Hans Sy, the NU expansion anchors on the mission of their late patriarch, Mr. Henry Sy Sr., which is to help Filipinos gain access to education.

Located at the Annex Building of SM City Baliwag, the 14,259.13square meter campus could accommodate at least 6,000 students once face-to-face class resumes. NU Baliwag aims to provide National University’s high standards of educational services not just to students in the first- Class Urban Municipality of Baliwag, but also in some parts of Bulacan, Pampanga as far as Nueva Ecija and Zambales.

In the meantime, it adapts to the new normal by virtually opening its doors to students for online classes. Last August of 2020, it introduced the Flexible Learning Experience (NU FLEX), which focuses on blending remote asynchronous and synchronous learning, a mix of scheduled classes and recorded lectures that are accessible anytime and anywhere.

NU offers wide and comprehensive programs such as BS In Business Administration Major in Marketing Management, BS In Business Administration Major in Financial Management, BS In Accountancy, BS In Tourism Management, BS In Hospitality Management, BS In Psychology, BS In Civil Engineering, BS In Computer Engineering, BS In Information Technology, and BS In Architecture. Recently, the campus opened slots for Senior High School Strands: ABM, HUMSS and STEM.

National University’s highly credible background as a provider of quality education in the country. Apart from being a Microsoft Showcase School, the campus takes pride of its state of the art facilities including simulation rooms with up-to-date equipment for specific courses, and modern computer laboratories. The campus is equipped with competent faculty members from top performing schools to ensure the highest quality classroom instruction.

For admission inquiries, interested students may contact NU Baliwag at 0919 081 4635/0927 533 0342 0923 949 5265.

SBMA Chairman Wilma T. Eisma said these will be released to the eight neighboring LGUs next week.

The LGU shares are broken down as follows: P32,859,441.37 for Olongapo City; P21,145,468.61 for Subic, Zambales; P16,883,070.73 for San Marcelino, Zambales; P12,831,070.73 for Castillejos, Zambales; P11,968,060.18 for San Antonio, Zambales; P17,509,805.94 for Dinalupihan, Bataan; P15,003,180.96 for Hermosa, Bataan; and P12,402,469.66 for Morong, Bataan.

The shares, which are sourced from the five-percent taxes paid by business locators in the Subic Bay Freeport, are meant to promote parallel development in communities near the Freeport and enhance LGU projects in tourism, infrastructure, education, peace and order, health, and livelihood generation.

Eisma said the new allocation is 18 percent smaller than the LGU shares released in August last year, which totaled P166.16 million, but surpassed by more than 12 percent the P123.1 million total distributed in February 2021.

The LGU shares for the first half of the year is released in August, while that for the second half is released in February the next year.

Eisma said, however, that the SBMA will do away with the usual check-releasing ceremony as a precaution in face of the recent surge of Covid-19 cases nationwide, including in local communities.

“For the first time, I won’t be releasing the checks personally because I want to avoid crowding in pursuit of health protocols that we are enforcing in the Subic Bay Freeport. So, we advise LGU representatives to please claim their checks at the SBMA Treasury instead,” Eisma said.

According to SBMA records, the Subic agency has now distributed a total of P2.83 billion in LGU shares since 2011 when the SBMA started releasing shares directly to the LGUs. Previously, the distribution of LGU shares were coursed through the National Treasury.

The LGU shares are computed according to population (50%), land area (25%), and equal sharing (25%).

The biggest LGU beneficiary ever since is Olongapo City, which received a total of P672.73 million since 2011. It is followed by Subic, Zambales with P427.35 million; Dinalupihan, P353.89 million; San Marcelino, P341.03 million; Hermosa, P293.12 million; Castillejos, P255.68 million; Morong, P246.28 million; and San Antonio, P245.6 million.