An SEC official said the Corporation Finance Department (CFD) has decided to waive the penalty since Equitable-PCI Bank was only one day late in submitting the required reports."
Equitable-PCI Bank was penalized for late filing of its quarterly report for the period January to March this year. The fine represents one-tenth of one percent of the company’s consolidated net income for 2002.
All companies registered with the SEC had until May 15 to submit their 2003 first quarter financial reports. However, in the case of Equitable-PCIBank, the bank asked for a five-day extension or up to May 20, but filed its first quarter income report last May 21.
CFD director Justina Callangan explained that the existing rules allow a single five-day extension for filing of quarterly reports. This, she said, was in keeping with the spirit of a timely disclosure of material information under a full disclosure regime.
Equitable-PCIBank reported a 119.16-percent growth in its first quarter profit this year to P264.29 million from P120.59 million in the first quarter of 2002. This resulted from a combination of higher net interest income and a bigger fee-based income.