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
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