The Philippine Securities and Exchange Commission has opened a public comment process on draft amendments to the application and definition of terms under Revised Securities Regulation Code Rule 68, proposing to adjust the threshold that determines when corporations must submit audited financial statements. Under the draft, Rule 68 filing requirements would apply to stock and non-stock corporations with total assets or total liabilities of more than PHP 3,000,000, replacing the existing PHP 600,000 threshold. Corporations at or below the threshold would be exempt from submitting audited financial statements but would instead file financial statements certified under oath by both the President and Treasurer or the Chief Financial Officer as authorized by the board, with certifying officers assuming full responsibility and potential penalties for incomplete, inaccurate, false, or misleading submissions; the Commission would also retain authority to require audited financial statements for investor protection, enforcement, or public interest reasons. The exemption would not apply to entities classified as Group A, Group B, or Group C under Rule 68, or to corporations the Commission determines to be vested with public interest. Comments are due by December 24, 2025. The draft circular states that the amended threshold would apply to financial statements for fiscal years ending on or after December 31, 2025, and would take effect 15 days after publication in the Official Gazette or in two newspapers of general circulation.
Philippine Securities and Exchange Commission 2025-12-09
Philippine Securities and Exchange Commission seeks comments on draft rules to raise the audit threshold to PHP 3 million
The Philippine Securities and Exchange Commission seeks public comments on proposed amendments to Rule 68, raising the threshold for mandatory audited financial statements from PHP 600,000 to PHP 3,000,000 in total assets or liabilities. Corporations below this threshold would file certified financial statements, with certifying officers responsible for accuracy. The exemption does not apply to entities in Group A, B, or C, or those deemed of public interest by the Commission.