The Philippine Securities and Exchange Commission has launched a consultation on draft omnibus rules for all foundations registered with or applying for registration with the commission. The proposal would consolidate registration, governance, financial reporting, monitoring and enforcement requirements into one framework, while introducing simplified Non-Stock, Non-Profit Organization forms for financial statements covering fiscal years ending on or after Dec. 31, 2026. All registered foundations would submit a sworn statement and a schedule of funding and utilization. A certificate confirming the existence of each program or activity would also be required where aggregate annual program, project or activity expenses exceed PHP 3 million. The draft retains a minimum PHP 1 million bank deposit for registration and sets the audit threshold at more than PHP 3 million in total assets or total liabilities, subject to later changes in the applicable commission issuance. The proposal also establishes standards for classifying and curing minor or material filing deficiencies, requires records to be retained for at least five years and permits the commission to inspect and verify supporting documents. Non-filing of the simplified forms would attract a PHP 5,000 annual fine, while late filing would attract PHP 2,500 a year. Repeated or material noncompliance could lead to suspension or revocation of registration after notice and hearing.
Philippine Securities and Exchange Commission consults on omnibus foundation rules and simplified reporting forms
The Philippine Securities and Exchange Commission is consulting on consolidated rules for the registration, reporting and supervision of foundations. All foundations would file simplified funding and utilization forms from fiscal years ending on or after Dec. 31, 2026, with additional program certification required when aggregate expenses exceed PHP 3 million. The draft also sets filing penalties and strengthens deficiency review, record retention and inspection requirements.