San Miguel Corp. (SMC) was fined P1 million by the Securities and Exchange Commission (SEC) for a misstatement in its unaudited consolidated financial statement as of June 30.
The error involved incorrectly classifying a cash outflow for property, plant, and equipment acquisition under operating activities instead of investing activities, violating Philippine Accounting Standards PAS 7.
The SEC’s Office of the General Accountant (OGA) assessed its review related to SMC’s public offering of preferred shares.
SMC received conditional clearance to proceed with the offering but was ordered to amend its financial statements and update cash flow information in the prospectus.
The company has committed to comply with the OGA’s directives and pay the imposed penalty.
Source: PhilNews24 | October 9, 2025
SEC SLAPS P1 MILLION FINE ON SMC OVER FINANCIAL REPORT MISSTATEMENT
Latest from Business
Sun Life of Canada (Philippines) Inc. once again led the Philippine life insurance industry in 2025,
Warner Bros. Discovery announced that it has received a revised $31-per-share acquisition offer from Paramount Skydance,
AI firm Anthropic risks losing a $200 million Pentagon contract over its refusal to allow its
The Department of Trade and Industry (DTI) aims to boost sales for micro, small, and medium
Philippine exporters are expecting higher demand after the US Supreme Court struck down Trump-era reciprocal tariffs,