DAVAO CITY Rep. Paolo Duterte on Monday urged Congress to immediately pass a bill that would regulate the online lending industry and expressly prohibit unfair, deceptive and shameful debt collection practices.
Showing posts with label SEC. Show all posts
Showing posts with label SEC. Show all posts
Tuesday, July 11, 2023
Sunday, January 15, 2023
SEC to implement digital registration, payments
CAGAYAN DE ORO CITY - The Securities and Exchange Commission (SEC) here said it will do away with physical transactions in favor of online transactions starting next month.
Friday, December 2, 2022
SEC warns public vs. crypto investments
CAGAYAN DE ORO CITY - The Securities and Exchange Commission here warned the public against investing in Crypto Marketers which offers a daily income of 1.5% - 2% for a $20 investment.
Sunday, November 13, 2022
SEC educates sectors on identifying investment scams
CAGAYAN DE ORO CITY - The Securities and Exchange Commission (SEC) here held a seminar to educate the public with tools to identify on how to spend their money, and identify how investment scams operate.
Sunday, July 3, 2022
News Site Rappler Ordered To Shut Down
MANILA - Nobel laureate Maria Ressa confirmed the government is pressing forward with an order to shut down Rappler, the news website she co-founded in 2012.
Monday, May 3, 2021
SEC shuts down trading firm
THE SECURITIES and Exchange Commission (SEC) said it revoked the corporate registration of Eco Hatchery and Trading Corporation for allegedly soliciting investments from the public through Ponzi scheme.
Saturday, June 13, 2020
SEC tells corporations to step up cybersecurity
THE SECURITIES and Exchange Commission (SEC) has advised corporations to strengthen their cybersecurity as more Filipinos turn to digital transactions amid the Covid-19 pandemic.
Friday, March 22, 2019
Cease and desist order vs. KAPA now permanent
THE SECURITIES and Exchange Commission (SEC) has declared permanent an order barring Securities and Exchange Commission, SEC, Kapa-Community Ministry International, KAPA, KAPA Kabus Padatuon, KAPA-Co Convenience Store and General Merchandise, KAPA Worldwide Ministry, Nonita Urbano, Junnie Apolinario Kapa-Community Ministry International, Inc. (KAPA) from soliciting investments from the public without the necessary license.
The Commission En Banc made its cease and desist order (CDO) recently against KAPA permanent after the controversial ministry failed to file a motion to lift the order within the prescribed period.
The SEC issued the order on February 14 after finding substantial evidence that KAPA has offered and sold securities, in the form of investment contracts and in the guise of donations, without the necessary license and in a manner resembling a Ponzi scheme.
The CDO covers the partners, officers, directors, agents, representatives and all other persons acting for and in behalf of KAPA, which also operates as KAPA Kabus Padatuon (Enrich the Poor), KAPA/ KAPPA (Kabus Padutoon), KAPA-Co Convenience Store and General Merchandise, and KAPA Worldwide Ministry.
On February 21, the Commission served the CDO at the last known address of KAPA in Bislig City, Surigao del Sur and residential addresses of incorporators Nonita S. Urbano and Junnie G. Apolinario. It also posted the order at the registered principal office of KAPA and at the Bislig City Hall for the information of the public.
The 2016 SEC Rules of Procedure provides that a CDO shall be deemed permanent if the respondent fails to file the appropriate pleading within the prescribed period. Pursuant to Section 64.3 of the Securities Regulation Code, KAPA had five days from receipt of the CDO to move for the lifting thereof.
“Since it did not file any motion for the lifting of the CDO within five days from 21 February 2019, the CDO dated February 14 is hereby made permanent pursuant to Section 4-3 (c), Rule IV, Part II of the 2016 SEC Rules of Procedure,” the Commission En Banc ruled. Meanwhile, the SEC notes that the CDO against KAPA remains effective and valid notwithstanding an ongoing petition by the religious corporation for a preliminary injunction.
KAPA, as represented by Apolinario, filed before the Regional Trial Court in General Santos City a petition for Injunction with Application for Issuance of a 72-Hour Restraining Order, a Temporary Restraining Order or a Writ of Preliminary Injunction. In an order dated March 1, the court denied the application of KAPA for the 72-hour temporary restraining order because KAPA still had a remedy to file, a Motion to Lift the Cease and Desist Order with the SEC.
However, KAPA opted not to avail of the remedy. The SEC believes the petition must be dismissed outright. It maintains that the regional trial court has no jurisdiction over this case.
Section 179 of the Revised Corporation Code affirms that “no court below the Court of Appeals shall have jurisdiction to issue a restraining order, preliminary injunction, or preliminary mandatory injunction in any case, dispute, or controversy that directly or indirectly interferes with the exercise of the powers, duties and responsibilities of the Commission that falls exclusively within its jurisdiction.”
The Commission calls on the public to be cautious in dealing with KAPA and to report to its head office or extension offices any continued investment-taking activity by KAPA and its allied entities. (Leslie Gatpolintan)
Thank you so much for visiting our website. Your small donation will ensure the continued operation of the Mindanao Examiner Regional Newspaper. Thank you again for supporting us. BPI: 952 5815649 (BOPIPHMM) Landbank: 195 113 9935 (TLBPPHMM)
The Commission En Banc made its cease and desist order (CDO) recently against KAPA permanent after the controversial ministry failed to file a motion to lift the order within the prescribed period.
The SEC issued the order on February 14 after finding substantial evidence that KAPA has offered and sold securities, in the form of investment contracts and in the guise of donations, without the necessary license and in a manner resembling a Ponzi scheme.
The CDO covers the partners, officers, directors, agents, representatives and all other persons acting for and in behalf of KAPA, which also operates as KAPA Kabus Padatuon (Enrich the Poor), KAPA/ KAPPA (Kabus Padutoon), KAPA-Co Convenience Store and General Merchandise, and KAPA Worldwide Ministry.
On February 21, the Commission served the CDO at the last known address of KAPA in Bislig City, Surigao del Sur and residential addresses of incorporators Nonita S. Urbano and Junnie G. Apolinario. It also posted the order at the registered principal office of KAPA and at the Bislig City Hall for the information of the public.
The 2016 SEC Rules of Procedure provides that a CDO shall be deemed permanent if the respondent fails to file the appropriate pleading within the prescribed period. Pursuant to Section 64.3 of the Securities Regulation Code, KAPA had five days from receipt of the CDO to move for the lifting thereof.
“Since it did not file any motion for the lifting of the CDO within five days from 21 February 2019, the CDO dated February 14 is hereby made permanent pursuant to Section 4-3 (c), Rule IV, Part II of the 2016 SEC Rules of Procedure,” the Commission En Banc ruled. Meanwhile, the SEC notes that the CDO against KAPA remains effective and valid notwithstanding an ongoing petition by the religious corporation for a preliminary injunction.
KAPA, as represented by Apolinario, filed before the Regional Trial Court in General Santos City a petition for Injunction with Application for Issuance of a 72-Hour Restraining Order, a Temporary Restraining Order or a Writ of Preliminary Injunction. In an order dated March 1, the court denied the application of KAPA for the 72-hour temporary restraining order because KAPA still had a remedy to file, a Motion to Lift the Cease and Desist Order with the SEC.
However, KAPA opted not to avail of the remedy. The SEC believes the petition must be dismissed outright. It maintains that the regional trial court has no jurisdiction over this case.
Section 179 of the Revised Corporation Code affirms that “no court below the Court of Appeals shall have jurisdiction to issue a restraining order, preliminary injunction, or preliminary mandatory injunction in any case, dispute, or controversy that directly or indirectly interferes with the exercise of the powers, duties and responsibilities of the Commission that falls exclusively within its jurisdiction.”
The Commission calls on the public to be cautious in dealing with KAPA and to report to its head office or extension offices any continued investment-taking activity by KAPA and its allied entities. (Leslie Gatpolintan)
Like Us on Facebook: https://www.facebook.com/mindanaoexaminer
Follow Us on Twitter: https://twitter.com/MindanaoExamine
Share Our News: https://www.mindanaoexaminer.com
Mirror Site: https://mindanaoexaminernewspaper.blogspot.com
Digital Archives: https://issuu.com/mindanaoexaminernewspaper
Media Rates: https://mindanaoexaminer.com/ad-rates
Thank you so much for visiting our website. Your small donation will ensure the continued operation of the Mindanao Examiner Regional Newspaper. Thank you again for supporting us. BPI: 952 5815649 (BOPIPHMM) Landbank: 195 113 9935 (TLBPPHMM)
Subscribe to:
Posts (Atom)
