INCREASE IN CAPITAL THRU CASH INFUSION

LIST OF REQUIREMENTS

A. BASIC REQUIREMENTS
1

2
3

5
6

8
9

10

B. ADDITIONAL REQUIREMENTS (CASH)

1

3
4

5
INCREASE IN CAPITAL THRU CASH INFUSION
LIST OF REQUIREMENTS

A. BASIC REQUIREMENTS
Certificate of Increase of Capital Stock signed by majority of the directors and certified by Chairman and Corporate Secretary of the
stockholders meeting
Treasurer’s Affidavit certifying the increase of capital stock, the amount subscribed and the amount received as payment thereto
List of stockholders as of the date of the meeting approving the increase, showing the nationalities of the subscribers and their respective
subscribed and paid-up capital in the existing authorized capital stock certified by the corporate secretary
Amended Articles of Incorporation;

Notarized Secretary’s Certificate on no pending case of intra-corporate dispute

Directors Certificate – notarized and signed by majority of the directors and the corporate secretary certifying (i) the amendment of the
Articles of Incorporation increasing the authorized capital stock, (ii) the votes of the directors and the stockholders, (iii) the date and place
of the stockholders’ meeting (iv) the tax identification number of the signatories which shall be placed below their names
Notarized Secretary’s Certificate attesting that non-subscribing stockholders have waived their pre-emptive rights or attesting the
resolution of the stockholders representing at least 2/3 of the outstanding capital stock approving the issuance of shares in exchange for a
property or previously incurred indebtedness of the corporation.
If the foreign equity is increased to more than 40%, compliance with registration under Foreign Investments Act
Compliance Monitoring Division (CMD) Clearance and/or clearance from other Department of the Commission*

Endorsement/clearance from other governmen agencies,if applicable.

B. ADDITIONAL REQUIREMENTS (CASH)

Audited financial statements as of the last fiscal year received by BIR and SEC (if payment for subscription is already reflected therein)

A report to be rendered by an independent CPA on the verification of cash payment on subscription to the increase in accordance with the
Guidelines on On-Site Verification per SEC Memorandum Circular No. 6 series of 2008
Subscription contract in lieu of item no. 2 if the application for ICS is covered by Memorandum Circular No.6, series of 2012.
Disregard additional requirement no. 2 if payment for subscription is already reflected in the audited financial statements and said
additional infusion is reflected in the Cash Flow Statement thereof
Rural Banks - Notarized Certification on payment for subscriptions to be signed by majority of the rural bank’s Board of Directors in
accordance with the form required by BSP with annexed list of stockholders of record showing their respective subscribed and paid-up
amount before and after the increase and the list of subscribers to the increase with their respective subscription and payment as
presented and approved by BSP
Status
Ok

Ok
Ok

Submitted to SEC,
application reverted
asked to submit
Monitoring Sheet
together with
subsequent
requirements.
(Additional
Requirements as
per reply, to be
submitted.)

Ok
Ok

Ok

Board Reso
Sent To SEC
awaiting Feedback
(Acknowledgment
receipt given)
n/a

2020 available for

submission
To be discussed
with sir Neville
regarding the billing
invoice
Ok
Increase in
Subscription
Reflected in AFS
2020, however no
2020 Board
resolution to back it
up therefore
External Auditor
Crowe advised AFS
to be reverted and
just use 2021 BP
AFS due to the fact
that Board resolution
was done November
17 2021 for BSP to
approve (In order to
be compliant).

Ok
REQUIREMENTS FOR CASH INFUSION VERIFICATION REPORT

Requirements Status
1 Copy of the minutes of the meetings of the board of directors and
stockholders approving the increase in capital stock of the company
2 schedule of cash received as deposit for subscription on the proposed
increase in capital stock;
3 Copy of the official/ acknowledgement receipts.
4 Bank validated deposit slips/ credit advice for the deposit.
5 Bank statement or passbook reflecting the deposit for subscription
(December 2020)
Trial balance as of month/date of deposit (prefereably December 31,
6
2020)
7 Cash receipts book reflecting the deposit for subscription