MANILA, Philippines – Six companies were suspended from trading by the Philippine Stock Exchange (PSE) on Thursday, May 18, for failing to submit their annual financial reports despite an extension.

Dennis Uy’s Phoenix Petroleum was among those that faced a trading halt. Other companies were DFNN, Manila Jockey Club, TKC Metals, MJC Investments, and IPM Holdings.

The PSE earlier extended the deadline of submission to May 18 from May 2.

In a statement, tech company DFNN said its business strategies and innovations have outpaced Philippine accounting standards. It added that these innovations have no precedents and have effectively caused the delay in the submission of the company’s audited financial statement.

“With the adoption of modern forward-looking business strategies which are aimed to serve our clients better, DFNN has sometimes outpaced financial and accounting standards not yet updated with new Philippine laws that have been passed on newer fintech processes which require further regional assessment,” DFNN said.

DFNN added that it aims to complete its report by next week. The other companies have yet to release statements.

Publicly listed companies are required to release their audited financial statements on time for the investing public to assess trading positions. – Rappler.com