SEC Launches the HARBOR Platform for Corporate Beneficial Ownership Reporting

The Securities and Exchange Commission (SEC) has launched the web-based platform Hierarchical and Applicable Relations and Beneficial Ownership Registry (HARBOR) to enhance corporate ownership transparency. Implemented under SEC Memorandum Circular No. 15, Series of 2025, the system modernizes the disclosure of beneficial ownership making it faster and more transparent.

Under the new framework, uploading beneficial ownership information in HARBOR is mandatory. Because of this, the 2026 General Information Sheet (GIS) no longer has the beneficial owner page. Submissions are limited to entities with authorized eFAST accounts, so alternative filing methods or physical submissions are permitted only in exceptional circumstances through official SEC advisories or correspondence.

The reporting requirement applies to all SEC-registered corporations, while One Person Corporations (OPCs) and partnerships must comply if the business is owned or controlled by individuals other than the registered partners or sole stockholder. Beneficial owners must be natural persons, identified based on ownership control, other forms of control, or their position within the corporation.

There are fourteen (14) specific data points that must be declared, including specific residential addresses, Taxpayer Identification Numbers (TIN), Politically Exposed Persons, date of acquisition of beneficial ownership, and the specific nature and means of control exercised by beneficial owner.Corporations must report any changes in beneficial ownership within seven (7) calendar days of the event. Failure to disclose may result in penalties based on the corporation’s retained earnings while false declarations may lead to fines of up to P2 million and possible dissolution of the corporation. Other penalties include suspension or revocation of the certificate of incorporation.