ILOILO CITY, June 3 -- The Securities and Exchange Commission (SEC) on Wednesday emphasized the importance of the annual submission of the general information sheet (GIS) and financial statement (FS) of corporations.

In a press briefing, SEC Iloilo Securities Specialist I Nescille Therese Parreno said the FS is supposed to be submitted within 120 days from the end of the fiscal year, while GIS is within 30 days from the date of the actual annual meeting.

Parreno said corporations no longer have reasons to be late in their submission of annual reports because they can do it through an electronic filing and submission tool.

"Anytime of the day, any day of the week, they can submit their annual reports. There is no filing fee, but they c...