Section 177Sec./Art. 177

Reportorial Requirements of Corporations. - Except as otherwise provided in this Code or in the rules issued by the Commission, every corporation, domestic or foreign, doing business in the Philippines shall submit to the Commission:

(a) Annual financial statements audited by an independent certified public accountant: Provided, That if the total assets or total liabilities of the corporation are less than Six hundred thousand pesos (₱600,000.00), the financial statements shall be certified under oath by the corporations treasurer or chief financial officer; and

(b) A general information sheet.

Corporations vested with public interest must also submit the following:

(1) A director or trustee compensation report; and

(2) A director or trustee appraisal or performance report and the standards or criteria used to assess each, director or trustee.

The reportorial requirements shall be submitted annually and within such period as may be prescribed by the Commission.

The Commission may place the corporation under delinquent status in case of failure to submit the reportorial requirements three (3) times, consecutively or intermittently, within a period of five (5) years. The Commission shall give reasonable notice to and coordinate with the appropriate regulatory agency prior to placing on delinquent status companies under their special regulatory jurisdiction.

Any person required to file a report with the Commission may redact confidential information from such required report: Provided, That such confidential information shall be filed in a supplemental report prominently labelled "confidential", together with a request for confidential treatment of the report and the specific grounds for the grant thereof.