Republic Acts1 min read
Section 16Sec./Art. 16
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Reportorial Requirement. During the term of its franchise, the grantee shall submit an annual report to the Congress of the Philippines, through the Committee on Legislative Franchises of the House of Representatives and the Committee on Public Services of the Senate, on its compliance with the terms and conditions of the franchise and on its operations on or before April 30 of the succeeding year.
The annual report shall include an update on the roll-out, development, operation and/or expansion of business; audited financial statements; latest GCIS officially submitted to the SEC (if applicable); certification of the ERC on the status of its permits and operations; and an update on the dispersal of ownership undertaking, if applicable.
A reportorial compliance certificate issued by Congress shall be required before any application for permit or certificate is accepted by the ERC.
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