The SEC said it would now accept articles of incorporation authenticated by incorporators in yet another move that relaxes the requirements for the registration of domestic corporations. SEC chairperson Emilio B. Aquino said by easing the requirements for company registration, the SEC hopes to encourage the business sector to continue to thrive. However, the SEC warned that the registration of a corporation, which has procured its certificate of registration through fraud or misrepresentation, shall be revoked. When the violation is injurious or detrimental to the public, the penalty shall be a fine ranging from P400,000 to P5 million,” the SEC said. Willfully certifying incomplete, inaccurate, false or misleading statements or reports shall likewise be punishable with a fine ranging from P20,000 to P200,000.

Source: Philippine Star May 03, 2020 15:56 UTC