Philippine Securities and Exchange Commission consults on revised eAMEND portal processing rules and penalties for late amendment document submission

The Philippine Securities and Exchange Commission has requested comments on an exposure draft memorandum circular that would revise how corporations and partnerships classify, process and submit amendment applications through the eAMEND portal, including new documentary and payment steps and a graduated penalty regime for late or non-submission of required hard-copy documents. The draft would distinguish “Simple Processing” and “Regular Processing” with modified classifications aligned to the Ease of Doing Business and Efficient Government Service Delivery Act of 2018. For Simple Processing, the SEC proposes a revised system-generated Amendment Form (including board and shareholder/member voting details and a corporate secretary certification of no intra-corporate dispute), 100% upfront payment of filing fees with settlement due within 10 calendar days of the Payment Assessment Form, automatic “purging” triggers (including incomplete uploads within five calendar days and failure to address compliance remarks within 15 calendar days), and submission of two sets of hard copies within 15 calendar days from issuance of the digital certificate. A penalty of PHP 5,000 would apply for submissions between day 16 and day 45, with cancellation beyond 45 days and forfeiture of filing fees. For Regular Processing, which the draft treats as “Highly Technical Transactions” under the EODB Act (while noting partnerships are complex but will still undergo Regular Processing), hard copies would generally be due within 30 calendar days from payment of filing fees, with failure leading to cancellation/abandonment and forfeiture; additional requirements cover items such as amended constitutional documents, directors’/trustees’ and secretary’s certificates, and an Affidavit of Undertaking (also proposed as a substitute for monitoring clearance). The draft also sets expectations on corporate name consistency across submissions, post-evaluation/review comparisons of uploaded and hard-copy documents, and exclusions including capital stock and share structure changes and certain foreign corporation amendments. Written comments on the exposure draft are due by 17 November 2025 using the SEC’s template, and the draft circular’s effectivity date is left blank pending finalisation.