MANILA -- The Securities and Exchange Commission (SEC) has suspended the corporate registration of almost 118,000 corporations for failing to submit their annual reports for more than 5 years. 

In a statement, the SEC said they suspended the certificates of incorporation of 117,885 companies.

This number also includes corporations that have no longer been operational for the last 5 consecutive years.

The SEC has given the suspended corporations 30 days from the publication of the suspension order to avail of existing remedies under the law.

Corporations registered with the SEC are required to submit documents like annual financial statements and general information sheets under the Revised Corporation Code of the Philippines (RCC).

Those who fail to do so three times within five years may be placed under delinquent status.

The suspension order follows the conclusion of the SEC Amnesty Program, which gave non-compliant and suspended or revoked corporations a chance to recover their good standing by paying the reduced fees.

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