The Securities and Exchange Commission (SEC) has issued Memorandum Circular No. 8, adopting a new set of guidelines for the registration and monitoring of foundations (Guidelines) effective 15 July 2006. The Guidelines, which effectively revised SEC Memorandum Circular No. 01-104, introduced several requirements not present in the prior circular. These include:

The submission of a statement of willingness to allow the Commission to conduct an audit [Section 2]; In addition to the General Information Sheet, all registered Foundations must submit an Audited Financial Statement containing a list of programs/activities planned, ongoing and accomplished and a statement on the application of the funds for that program. Also, each activity must identify the complete name, address and contact number of the project officer-in-charge as well as the complete address and contact number of the project office [Section 4 (b) and (c)]; A registered Foundation should also attach a Certification from the pertinent local officials or the Head of either the Department of Social Welfare and Development or Department of Health, attesting to the existence of the program (Section 5); and All funds of the Foundation must now be deposited in a banking institution regulated by the Bangko Sentral ng Pilipinas. In addition to these requirements, the Guidelines also introduced a clause penalizing any violation of the rules with a fine in an amount to be determined by the SEC, which shall not be less than Ten Thousand Pesos. Moreover, in cases where the Foundation fails to submit the required documents for two successive years, the SEC may, after due notice and hearing, revoke the registration of the Foundation.