Failure to Disclose Beneficial Ownership Information in the General Information Sheet (GIS)

NOTICE

Failure to Disclose Beneficial Ownership Information in the General Information Sheet (GIS)

TO: ALL SEC REGISTERED CORPORATIONS REQUIRED TO SUBMIT THE GIS

Notice is hereby given that pursuant to the provisions of Memorandum Circular No. 15, Series of 2019, the reporting corporation is required to disclose beneficial ownership information in the GIS.

Section 4 of the said Memorandum Circular provides that:

"Beneficial ownership shall be determined as follows:

1. The identity of the natural person who ultimately has controlling ownership interest in the corporation.
   xxx

2. The identity of the natural persons (if any) exercising control over the corporation through other means.
   xxx

3. The identity of the natural persons composing the Board of Directors/Trustees/ or any similar body and/or the senior managing official of the reporting corporation.

   This is only in exceptional circumstances where no natural person can be identified as ultimately owning or controlling or exercising ultimate effective control over the corporation through controlling ownership interest, controlling voting rights, or through other means. xxx

Accordingly, the failure to disclose any beneficial owner in the GIS will render it insufficient in form and substance and the same will not be received by the Commission.

For your guidance and strict compliance. 

http://www.sec.gov.ph/wp-content/uploads/2020/01/2020Notice_Failure-to-Disclose-BO_r.pdf

Departing aliens urged to process reentry fees in BI Offices amidst CNY rush

2020 January 20

Departing aliens urged to process reentry fees in BI Offices amidst CNY rush

PASAY, Philippines—Bureau of Immigration (BI) personnel stationed at the Ninoy Aquino International Airport (NAIA) urged alien residents in the country who plan to spend Chinese New Year abroad to process their reentry fees in any of the Bureau's offices before proceeding to the airport.

BI Port Operations Division Chief Grifton Medina issued the appeal following the expected annual surge in volume of travelers lining up to pay their reentry fees to immigration cashiers at the departure areas of the three NAIA terminals.

"We are expecting a surge of Chinese residents in the Philippines who wish to spend the Chinese New Year abroad," said Medina. "It may result to heavy congestion of our airports, which could be avoided if they process and pay their fees before heading to the airport," he added.

The Philippines is host to tens of thousands of Chinese immigrants and non-immigrants. In 2018 alone, a total of 1.3 M Chinese citizens were recorded to have entered the country.

Medina shared that they expect a 10-15% increase in departures during the Chinese New Year. "Last year we saw a 14% increase in departures, this year the increase might be more or less the same," he stated.

Immigration policies require foreign nationals who are registered holders of valid immigrant and non-immigrant visas to pay exit and re-entry permits every time they leave the country.

Said foreign nationals to present official receipts of their reentry permit fees before they are cleared for departure, otherwise they are directed to first pay their fees to BI cashiers at the airport.

"We expect that the surge could congest our immigration cashiers, hence we are appealing to registered aliens to pre-pay their fees to avoid the congestion," he stated.

He mentioned that reentry fees can be paid at the BI main office in Manila and in immigration field, satellite and extension offices nationwide. "The BI has almost 60 offices nationwide that may cater to this need. It's a very quick process, which will only take a few minutes. We also have offices located in malls and other convenient locations," he said. "Coming to the airport

with the receipt at hand makes processing faster, allowing departing aliens to avoid the rush and relax before their flight," he added.

It has been customary practice for many Chinese nationals living abroad to visit their homeland for the Chinese New Year which will be celebrated on January 25. # 

http://immigration.gov.ph/images/News/2020_Yr/01_Jan/2020Jan20_Press.pdf