An act providing for the revised corporation code of the philippines

SEC. 176. Stock Ownership in Corporations. – Pursuant to the duties specified by Article 
XIV of the Constitution, the National Economic and Development Authority (NEDA) shall, from 
time to time, determine if the corporate vehicle has been used by any corporation, business, or 
industry to frustrate the provisions of this Code or applicable laws, and shall submit to Congress, 
whenever deemed necessary, a report of its findings, including recommendations for their 
prevention or correction. 
The Congress of the Philippines may set maximum limits for stock ownership of individuals 
or groups of individuals related to each other by consanguinity, affinity, or by close business 
interests, in corporations declared to be vested with public interest pursuant to the provisions of 
this section, or whenever necessary to prevent anti-competitive practices as provided in Republic 

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Act No. 10667, otherwise known as the “Philippine Competition Act”, or to implement national 
economic policies designed to promote general welfare and economic development, as declared 
in laws, rules, and regulations. 
In recommending to the Congress which corporations, businesses and industries will be 
declared as vested with public interest, and in formulating proposals for limitations on stock 
ownership, the NEDA shall consider the type and nature of the industry, size of the enterprise, 
economies of scale, geographic location, extent of Filipino ownership, labor intensity of the 
activity, export potential, as well as other factors which are germane to the realization and 
promotion of business and industry. 
SEC. 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 (P600,000.00), the financial statements shall be certified under oath by the 
corporation’s 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 under 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.