A.    Consolidation of Accounts

If you have shares of stock registered under several accounts which you wish to consolidate into one (1) account only, please submit the following:

1. Your written instruction to consolidate one account into the other account, specifying the account you wish to retain.
2. Original Certificates of Stock under the account you wish to consolidate into the account to be retained.
3. Photocopies of at least two (2) current and valid Identification Documents (IDs).
4. Duly accomplished Specimen Signature Card.
5. Transfer fees of P112.00 for every issued certificate plus cancellation fee of P22.40 for every cancelled certificate.

B.    Maiden to Married Name

If you have shares of stock registered under your name when you were still single, which you wish to register in your married name, please submit the following:

1. Copy of Marriage Certificate.
2. Original Certificates of Stock.
3. Photocopies of at least two (2) current and valid Identification Documents (IDs) in your married name.
4. Duly accomplished Specimen Signature Card.
5. Transfer fees of P112.00 for every issued certificate plus cancellation fee of P22.40 for every cancelled certificate.

C.    Married to Maiden Name

If you have shares of stock registered under your name when you were married, which you wish to register in your maiden name, please submit the following:

1. Proof of Dissolution of Marriage.
2. Original Certificates of Stock.
3. Photocopies of at least two (2) valid Identification Documents (IDs) in the married name.
4. Duly accomplished Specimen Signature Card.
5. Transfer fees of P112.00 for every issued certificate plus cancellation fee of P22.40 for every cancelled certificate.

D.    Change/Update Name

If you have shares of stock registered under a name, which you wish to correct, please submit the following:

1. Original Certificates of Stock.
2. Affidavit, duly notarized, stating that (Name Registered) and (Changed / Updated Name) refer to one and the same person.
3. Photocopies of at least two (2) current and valid Identification Documents (IDs) under the correct name.
4. Duly accomplished Specimen Signature Card.
5. Transfer fees of P112.00 for every issued certificate plus cancellation fee of P22.40 for every cancelled certificate.

E.   GSIS/SSS-SILP Account to Stockholder’s Name

If you have shares of stock registered under GSIS / SSS-SILP for your account, which you wish to transfer under your name, please submit the following:

1. Certification from GSIS/SSS that your GSIS/SSS-SILP loan has been fully paid.
2. Original Certificates of Stock, duly endorsed by the authorized signatories of GSIS/SSS.
3. Photocopy of at least two (2) current and valid Identification Documents (IDs).
4. Duly accomplished Specimen Signature Card.
5. Transfer fees of P112.00 for every issued certificate plus cancellation fee of P22.40 for every cancelled certificate.

PROCEDURES FOR THE TRANSFER OF SHARES OF STOCK FROM A DECEASED STOCKHOLDER TO HIS/HER HEIR(S)

The transfer of a deceased stockholder’s shares and the issuance of new stock certificate/s to his/her heir(s) may be done judicially (through court proceedings) or extra-judicially (out-of-court settlement).

For the Procedures for the Transfer of Shares of Stock from a Deceased Stockholder to His/Her Heir(s), you may click here.

REQUIREMENTS FOR THE REPLACEMENT OF LOST OR DESTROYED CERTIFICATES OF STOCK

Lost, stolen or destroyed certificates must be reported immediately to SMC Stock Transfer Service Corporation (STSC). 

For the Requirements for the Replacement of Lost or Destroyed Certificates of Stock, you may click here.

The Cash Dividend Direct Credit Program (CDDCP) is an alternative mode of remitting stockholders’ cash dividends. Stockholders who are depositors of the participating banks and who enroll in the CDDCP shall receive their cash dividends via deposit to their bank accounts.

Please see below for the enrollment forms and CDDCP primers:

• For San Miguel Corporation (SMC) stockholders, please click here.
• For Petron Corporation (Petron) stockholders, please click here.
• For San Miguel Food and Beverage, Inc. (SMFB) stockholders, please click here.

A.    Transfer to Another Person

If you have shares of stock, which you wish to transfer to another person (e.g. donation, gift, private sale, etc.), the requirements are as follows:

1. Written instruction to split your shares with another stockholder.
2. Deed of Donation, Sale, or the legal document pertaining to the transfer of shares.
3. Original Certificates of Stock, duly endorsed.
4. Photocopies of at least two (2) current and valid Identification Documents of both parties.
5. Certificate Authorizing Registration (CAR) from the BIR, attesting that the required tax has been paid.
6. Duly accomplished Specimen Signature Card of both parties.
7. Transfer fees of P112.00 for every issued certificate plus cancellation fee of P22.40 for every cancelled certificate.

B.    In Trust for Accounts to Beneficiary’s Name

If your shares of stocks are registered under an “In Trust For” account, which you wish to transfer under your name upon death of the trustors or upon reaching the age of majority, the requirements are as follows:

1. Deed of termination of trust or other equivalent document (if available).
2. Original Certificates of Stock.
3. Certificate Authorizing Registration (CAR) from BIR attesting that the donor’s taxes have been paid.
4. Photocopies of at least two (2) current and valid Identification Documents.
5. Duly accomplished Specimen Signature Card.
6. Transfer fees of P112.00 for every issued certificate plus cancellation fee of P22.40 for every cancelled certificate.

C.   Single To Joint Account

If you have shares of stock registered under your name, which you wish to convert into a joint account, the requirements are as follows:

1. Written instruction to consolidate your shares under joint or co-owned account, together with another stockholder.
2. Deed of Donation, Sale or the legal document pertaining to the transfer of the shares.
3. Certificate Authorizing Registration (CAR) from BIR attesting that the required transfer tax has been paid (if joint account is with person other than spouse).
4. Original Certificates of Stock, duly endorsed by the stockholders.
5. Photocopies of at least two (2) current and valid Identification Documents (IDs) of both parties.
6. Duly accomplished Specimen Signature Card of both parties.
7. Transfer fees of P112.00 for every issued certificate plus cancellation fee of P22.40 for every cancelled certificate.

Following the implementation of BIR RMO Nos. 46-2020 and 14-2021, hereunder is an update of the procedure and requirements for non-resident or foreign stockholders availing of withholding tax rates that are lower than the regular rate of 25%.

These requirements apply to the cash dividend payments of the companies in the San Miguel Group, until further advice of any updates.

For your foreign clients who are registeredstockholders, kindly submit to our office at SMC-Stock Transfer Service Corp., 40 San Miguel Avenue, Mandaluyong City, the applicable documents stated below on or before five (5) business days after the record date in order for them to avail of the tax exemption or preferential tax rates on the cash dividends.

1.)  For non-resident stockholders availing of tax treaty relief on cash dividends

       a. Documentary requirements under RMO 14-2021, as follows:

1. BIR Form No. 0901 or the Application Form for treaty purposes, duly signed by the nonresident stockholder or its authorized representative;
2. Tax Residency Certificate (TRC) for the relevant period, duly issued by the tax authority of the foreign country in which the non-resident stockholder is a resident;
3. Notarized Special Power of Attorney (SPA) issued by the non-resident stockholder to their authorized representative(s), with express statement of the authority to sign the Application Form as well as to file the TTRA or request for confirmation;
4. Sworn Certification that the shareholding in respect of which the dividends are paid is not effectively connected with the permanent establishment of the non-resident stockholder in the Philippines. (All documents executed in a foreign country must either be authenticated by the Philippine Embassy stationed therein or apostilled if the said foreign country is a signatory to the Convention Abolishing the Requirement of Legalisation for Foreign Public Documents (HCCH 1961 Apostille Convention) in order to be acceptable in the Philippines.)

         Please be advised that according to the BIR International Tax Affairs Division (ITAD), the validity of the Tax Residency Certificate (TRC) will depend on period indicated in the TRC to be submitted. If the document is silent, as a rule, the validity is only for one (1) year from the date of issuance.

         The Issuer shall retain the sole discretion in determining whether the non-resident stockholder is entitled to the preferential tax treaty rate based on the documents submitted by the non-resident stockholder to the Issuer, provided that all the conditions for the availment thereof, other than residency, have been satisfied.

          In the event that the Issuer determines that the non-resident stockholder is not entitled to the preferential tax treaty rate based on the documents submitted or determines that not all the conditions for the availment thereof are met, the Issuer shall apply the regular tax rates.

       b. Duly authenticated Undertaking to Indemnify the Issuer from any and all liabilities arising from the availment of lower withholding tax rates.

2.)  For  non-resident stockholders availing of the 15% withholding tax rate on cash  dividends under the tax sparing provision of the National Internal Revenue Code Section 28 (B)(5)(b)

       a. Documentary requirements under RMO 46-2020, as follows:

1. Letter- request which shall provide a background of the transaction, the relief sought and the legal basis;

2. Duly accomplished BIR Form No. 0901-TS;

3. Original copy of the apostilled/duly authenticated Tax Residence Certificate issued by the tax authority of the country of domicile;

4. Apostilled/duly authenticated copy of the non-resident foreign corporation (NRFC)’s Articles of Incorporation or proof of establishment in its country of residence;

5. Original copy of the apostilled/duly authenticated Special Power of Attorney (SPA) issued by the NRFC to its authorized representative;

6. Duly authenticated or apostilled copy of the law of the country of (if applicable);

7. Duly authenticated or apostilled copy of any document issued by, or filed with, the foreign tax authority showing the amount of deemed paid tax credit actually granted by the foreign tax authority (if applicable);

8. Duly authenticated or apostilled copy of any document issued by the foreign tax authority confirming that the NRFC is exempt from income tax on dividends received from the Philippine corporation (if applicable); and

9. Original copy of the sworn statement executed by the corporate secretary of the domestic corporation/custodian banks/depository account holders/broker dealers stating the legal and beneficial owners (if applicable), of all issued and outstanding shares as of record date, their corresponding subscriptions, date/s of acquisition, percentage of ownership and the allocation of dividend.

       b. Duly authenticated Undertaking to Indemnify the Issuer from any and all liabilities arising from the availment of lower withholding tax rates.

       While Section 3(2) of RMO No. 46-2020 allows the outright application (without securing a BIR ruling) of the reduced dividend rate of 15%, please note that Section 3(4) explicitly provides that there is still a need to file a Request for Confirmation of the applicability of the reduced rate of 15% within 90 days from the remittance of the dividends, or from the determination by the foreign tax authority of the deemed paid tax credit/non-imposition of tax, whichever is later. Then, the BIR will issue either a Certificate of Entitlement to the Reduced Dividend Rate or a BIR Ruling (in case of denial).

       Kindly note also that failure to file the required documents may result in the imposition of deficiency taxes and penalties, pursuant to Section 7 of the RMO.

3.) For non-resident stockholders availing of the tax exemption on cash dividends under   Section 32 (B)(7)(a) of the National Internal Revenue Code (.e.g., foreign governments, financing institutions owned, controlled, or enjoying refinancing from foreign governments, and international or regional financial institutions established by foreign governments)

       a.) Currently dated certified true copy of a ruling issued by the Law and Legislative Division of the BIR confirming exemption of stockholder from withholding tax on dividends.


4.)  For  resident foreign corporations The term “resident foreign corporation” applies to foreign corporation engaged in trade or business within the Philippines, availing of exemption from withholding tax

       a.) Currently dated certified true copy of the corporation’s  latest SEC registration, Articles of Incorporation and By-laws.


5.)  For stockholders with special visas availing of the 10% withholding tax rate for resident aliens

       a.) A copy of  their valid and current ACR I-Card (front and back), passport and Philippine visa; or
       A copy of the ID issued by the competent Philippine government agency with control over the visa type (front and back), passport and Philippine visa.
        and
       b.) Duly notarized Affidavit of Undertaking validating his residency in the Philippines (Form for Holders of Special Visas)

For Shares Lodged with Philippine Depository and Trust Corporation (PDTC)

Please be advised that if the shares are lodged with the PDTC, we shall require the submission of the above-mentioned documents applicable to registered shareholders. Kindly also submit a list indicating the names and number of shares of your beneficial clients applying for such preferential tax rates.

The Issuer shall retain the sole discretion in determining whether the non-resident stockholder is entitled to the preferential tax treaty rate based on the documents submitted by the non-resident stockholder to the Issuer, provided that all the conditions for the availment thereof, other than residency, have been satisfied.

In the event that the Issuer determines that the non-resident stockholder is not entitled to the preferential tax treaty rate based on the documents submitted or determines that not all the conditions for the availment thereof are met, the Issuer shall apply the regular tax rates.

Please also note that as prescribed by the BIR, “All documents executed in a foreign country must either be authenticated by the Philippine Embassy stationed therein or apostilled if the said foreign country is a signatory to the Convention Abolishing the Requirement of Legalisation for Foreign Public Documents (HCCH 1961 Apostille Convention) in order to be acceptable in the Philippines.” Furthermore, said documents should have attachments of photocopies of the signatories’ IDs.

In view of these guidelines, the amount of cash dividends to be remitted to the PCD Nominee Corporation may not be the amount indicated in the PDTC’s Summary of Withholding Tax Report submitted by the PDTC to the Issuer through its stock, transfer and paying agent.