BIZ BUZZ: ’Tis the season for penalties

Earnings season has technically already ended at the local bourse—on Aug. 14, to be exact.

But the deadline did not seem to faze 13 listed companies, all of which failed to submit their quarterly reports to keep shareholders informed whether they’re earning or not, and whether they’re performing well or not.

In a notice last Friday, the Philippine Stock Exchange announced it had imposed penalties on these companies—including long-suspended Abra Mining and Industrial Corp., Villar-led AllHome Corp., newly listed Top Line Business Development Corp. and repeat offender Phoenix Petroleum Philippines Inc.

Under the PSE’s existing rules, fines for nonfiling range from P5,000 to P50,000, depending on the value of a company’s total assets.

On top of that, they are also meted with a penalty for each day that they don’t submit.

Failing to comply for the third time would result in a one-month trading suspension, while a fourth violation could be grounds for delisting.

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For its part, Davao-based businessman Dennis Uy’s Phoenix already promised the exchange to submit its 2023 and 2024 audited financial statements, as well as its quarterly reports, before Oct. 31.

Trading of the company’s shares has been suspended since May 16, 2024, precisely because it has fallen behind on submitting these requirements.

Let’s hope the others don’t get to this point.