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Pototan gets disaster-resilient school building

A DISASTER-resilient building has been turned over to a secondary school in Pototan, one of the flood-prone towns in Iloilo. The P5.5-million building at the Alberto Sorongon Memorial National High School was funded by Insular Foundation Inc., the corporate social responsibility arm of Insurance Life Assurance Co. Ltd. (InLife). “Our school serves as the catchment area of the five barangays here namely, Brgy. Iwa Ilawod, Brgy. Iwa-Ilaya, Brgy. Ubang, Brgy. Macatol, Brgy. Fundacion, and Brgy. Zarrague. We are really happy that his project is realized,” Assistant School Principal Ma. Grace P. Coronado said during the turnover ceremony earlier this month. Aside from having a one-meter elevation from the ground, the building is also designed to withstand a 250-kilometer per hour typhoon and has a seismic load resistance of more than intensity 7 for earthquakes. The roof deck of the fire-resistant structure can also be used as an evacuation center. Insular Foundation Chairman and InLife Executive Chairman Nina D. Aguas, who led the turnover ceremony, said the project was the fourth after two similar buildings in Samar and one in Tacloban City, which were all affected by super typhoon Yolanda in 2013. “Insular Foundation believes that investing in the development of the human capital through education is a big step towards making life better for our people and our country,” she said. — Emme Rose S. Santiagudo

Manila gov’t partners with PayMaya for citizen ID cards

DIGITAL PAYMENTS firm PayMaya Philippines, Inc. announced on Thursday that the city government of Manila has started rolling out the PayMaya citizen ID cards to its residents, including senior citizens, persons with disabilities (PWDs), and solo parents. The cards will be used for the distribution of cash benefits from the local government and residents can utilize this to purchase goods from the city-managed Kadiwa stores, which are equipped with card and QR code payment systems powered by PayMaya. Over 1,000 beneficiaries have so far received their cards. “Financial inclusion is at the heart of what we do at PayMaya. By supporting traditionally vulnerable segments like our senior citizens, PWDs, and solo parents of Manila, we are empowering them with the tools to help them improve their lives. We thank Mayor Isko (Francisco M. Domagoso) and his city council for spearheading this remarkable initiative,” PayMaya Chief Operating Officer Paolo Azzola said. — Arjay L. Balinbin

Farmers’ group, DA ask Mindanao local governments to avoid blanket ban on hogs, pork movement

THE DAVAO Hog Farmers Association of Davao, Inc. (HOGFADI) and the Department of Agriculture (DA) have called on local governments in Mindanao to avoid blanket bans on the entry of hogs and pork products amid confirmed cases of African Swine Fever (ASF) in parts of the Davao Region. “Be selective and don’t just impose a lockdown. There are other areas that are free of ASF,” HOGFADI President Eduard C. So said during Wednesday’s Habi at Kape forum. He cited as an example Cagayan de Oro City’s prohibition of hog and pork products from General Santos City, which is in the Soccsksargen Region. “GenSan has been affected. I don’t think its fair that we lockdown the entire Mindanao. There are processes (and protocols) that should allow GenSan (to locally export),” Mr. So said in mixed English and Visayan. The DA has already released color-coded maps indicating ASF infected zones, the buffer areas where hogs will be tested and monitored, and safe zones. “Local governments units (LGUs) should understand this. LGUs should also align their ordinances on the administrative order,” said Noel Provido, DA-Davao Region information officer. A total restriction on inter-province and inter-regional movement of hogs and pork products will hurt the industry, Mr. Provido said. Mr. So said they will be meeting with the DA regional directors to discuss how to address concerns and improve the situation. The ASF outbreaks in parts of Davao Occidental, Davao del Sur and Davao City are being managed following DA procedures. — Maya M. Padillo

Graft court clears Maguindanao mayor of malversation due to lack of evidence

THE ANTI-graft court has dismissed for lack of evidence the charges of falsification of public documents and malversation of public funds against Mayor Datu Sajid Islam U. Ampatuan over P77 million worth of construction materials to non-existent suppliers. Mr. Ampatuan, who was among those acquitted in the Ampatuan massacre case, is mayor of the town of Shariff Saydona Mustapha in Maguindanao province. “The prosecution’s evidence is insufficient… insofar as accused Ampatuan is concerned, considering that such evidence failed to establish his participation, much less, the precise degree of his participation in the alleged falsification of the documents subject of said cases,” reads the Sandiganbayan Sixth Division’s resolution dated February 7. The court said the prosecution failed to prove the non-existence of the suppliers as well as his participation in the questioned transactions. The Sandiganbayan also ordered the lifting of the hold departure order against Mr. Ampatuan. — Genshen L. Espedido

Nationwide round-up

18 immigration officers relieved over bribery scheme for Chinese nationals

IMMIGRATION officers allegedly involved in a bribery scheme that allows easier entry for Chinese nationals at the country’s main airport have been relieved of duty, Presidential Spokesperson Salvador S. Panelo announced Thursday.

The order, which comes from President Rodrigo R. Duterte, covers “all officials and employees of the Bureau of Immigration (BI) who are involved” and they could face charges if there is evidence found during the investigation.

Mr. Panelo also said that despite Mr. Duterte’s trust on Immigration Commissioner Jaime H. Morente, the latter’s performance will be up for discussion with the Cabinet.

“The present situation in the Bureau of Immigration, as well as how it is being run by Commissioner Jaime Morente, will be taken up in the next Cabinet meeting,” he said.

Mr. Morente has already launched a probe on the modus, dubbed as the pastillas scheme since the money paid by Chinese nationals are rolled and wrapped in paper, making it look like the native sweet delicacy.

WITNESS
The scheme, which has allegedly been taking place at the Ninoy Aquino International Airport (NAIA), was first reported earlier this week by Senator Risa N. Hontiveros-Baraquel, who presented a witness in Thursday’s Senate probe.

Immigration Officer 1 Allison A. Chiong, in his testimony at the hearing, said that as a “frontline immigration officer,” he has personally witnessed the illegal transactions between immigration employees and Chinese nationals.

He said the scheme started after the Department of Justice removed their overtime pay.

“To cope with the substantial deduction of their salaries, some immigration officers decided to offer ‘VIP services’ for immigrants who are casino high-rollers,” he said in his opening statement.

He narrated that in the initial method, names of Chinese nationals were sent through Viber, but that has since been deleted to avoid detection after they were scrutinized by the National Bureau of Immigration.

Frontline immigration officers were then told to bring Chinese nationals to the holding area of the Travel Control and Enforcement Unit so that their names can be checked against a list of payers.

Mr. Chiong, who admitted to having been part of the scheme, said there are also syndicates in the bureau competing with each other and working with travel agencies in China.

He said each officer receives around P20,000 weekly if assigned at the NAIA Terminal 1, and P8,000 weekly at the Terminal 3.

Ms. Hontiveros-Baraquel said Senate President Vicente Sotto III extended to the witness immunity from suit and application for the witness protection program.

Mr. Chiong also revealed that there are “VVIPs” or those who are blacklisted or have records but were allowed to enter the country through “special arrangement” at a fee ranging from P50,000 to P200,000.

BI Spokesperson Dana Krizia M. Sandoval, in a statement sent to reporters, said, “In compliance with the directive of the President, we are immediately relieving the services of 18 immigration personnel mentioned during today’s Senate hearing regarding the Pastillas scheme.”

She added, “The expose by Immigration Officer Alex Chiong is deeply alarming, and we will ensure that we will take every measure to destroy this system of corruption, and impose the harshest penalties to erring personnel.” — Gillian M. Cortez and Vann Marlo M. Villegas

Duterte assures Espenido of security amid drug link probe

PRESIDENT RODRIGO R. Duterte will not allow any harm to come to his drug war poster boy, Lieutenant Colonel Jovie Espenido, the Palace spokesperson said on Thursday.

“We cannot stop him (Mr. Espenido) from entertaining such apprehension but the President will not allow anyone to be hurt or to be harmed outside of what is allowed by law — outside of legal processes or methods sanction by law,” Presidential Spokesperson Salvador S. Panelo said in a briefing.

Mr. Espenido, who was relieved of his duties from the Bacolod City Police earlier this month due to his alleged involvement in the illegal drug trade, said on Wednesday that he is fearing for his life and thinks there are government officials who are out to get him for being on the frontline of the administration’s campaign against illegal drugs.

The Philippine National Police is currently conducting a probe on officers suspected of drug links and are included in the President’s watchlist. Mr. Panelo said Mr. Espenido can request for protective measures from the government. — Gillian M. Cortez

Topacio brings election case against Pimentel before the Supreme Court

LAWYER FERDINAND S. Topacio has asked the Supreme Court to declare Senator Aquilino L. Pimentel II as ineligible to hold office for having exceeded the prescribed maximum number of terms in the Constitution.

In a 17-page petition, Mr. Topacio said the Commission on Elections (Comelec) “erred and acted with grave abuse of discretion amounting to lack or excess of jurisdiction” when it dismissed the case he filed against Mr. Pimentel in the 2019 elections.

The Comelec on February 13, 2019 denied the petition of Mr. Topacio to cancel the certificate of candidacy of Mr. Pimentel. The election body, sitting en banc, denied his motion for reconsideration on December 13, 2019. — Vann Marlo M. Villegas

DepEd lifts suspension on national, regional events, field trips

THE DEPARTMENT of Education (DepEd) has lifted the suspension of all national and regional activities as well as field trips and other off-campus activities starting February 24.

In a memorandum issued late Wednesday, DepEd said all its units “may already resume the conduct of national, regional, and/or off-campus activities… provided all precautionary measures identified by DepEd and DoH (Department of Health) are strictly followed.

A suspension on school-related activities involving big gatherings was imposed by DepEd last Feb. 4 to minimize the risk of the coronavirus disease 2019 (COVID-19) spread.

The latest order, however, maintains limitations on official foreign trips “subject to the latest updates and advisories on travel restrictions by concerned authorities,” reads the memo signed by Education Secretary Leonor M. Briones on Feb. 19.

Education workers and students who will go on personal trips to countries with confirmed COVID-19 cases are required to “self-quarantine for 14 days from the date of arrival in the Philippines.”

The self-quarantine period for DepEd personnel will be charged to their leave credits while students should be provided with “alternative delivery modes of education.”

DepEd also said that schools should continue to strictly implement COVID-19 preventive measures identified in earlier memos.

Nation at a Glance — (02/21/20)

News stories from across the nation. Visit www.bworldonline.com (section: The Nation) to read more national and regional news from the Philippines.

Nation at a Glance — (02/21/20)

AdSpark, Inc. unveils insights on Filipinos’ obsession over celebrity couples

AdSpark, Inc., Globe Telecom’s digital advertising subsidiary, unveils insights on how the online views modern celebrity love teams in the age of social media in its white paper called “The New Romantics.”

The research, which was divided into five subtopics, showed interesting aspects regarding the obsession with celebrity couples. These are:

Perfect combination. Audiences seem to be demanding authenticity from brands — and love teams are no exception. After all, there’s nothing more exciting than real people finding true love.

From reel to real. Offscreen couples might not get as much airtime or online attention as love teams do, but they are still much-needed proof of how celebrity couples can thrive.

Noon at ngayon. Love teams may not be forever, but the current nostalgia wave allows viewers, and even celebrities, to relive the honeymoon period.

I love you, hater. Despite inter- and intra-fandom wars, people still show a preference for positive news about their favorite idols. Love conquers all — and, most importantly, thrive.

Better together. Solo careers aren’t going anywhere, but love isn’t dead: it’s just taking on a new form where they can flourish together and independently, as long as they stand behind each other.

Love is a theme that remains central to all Filipinos, therefore knowing how the online Filipino interacts and views love teams is important to brands and marketing practitioners.

“Using our brand planning proprietary tools, we wanted to understand why Filipinos are obsessed with celebrity couples. It’s a key marketing proposition, that if the consumer loves the celebrity couple then they will support the brand they are endorsing,” said Onat Roldan, AdSpark president and chief executive officer.

AdSpark generated the report by using its own AdSpark intelligence platform. AdSpark intelligence uses social listening that tracks mentions and comments across the internet; and content consumption which measures what Filipinos are reading and viewing on the internet.

To find out more about online Filipinos and love teams, download the full report here: https://adspark.ph/new-romantics/.

Senate body approves CITIRA bill

A SENATE COMMITTEE on Wednesday approved a priority bill of President Rodrigo R. Duterte that seeks to lower corporate income tax and streamline fiscal incentives.

The Ways and Means committee endorsed the proposed Corporate Income Tax and Incentives Reform Act (CITIRA), which will gradually cut the tax on companies to 20% by 2029 from the current 30%, for Senate plenary debates.

Senator Pia S. Cayetano, who heads the committee, said there’s a “very good chance” the Senate would approve the bill on final reading by March 13, before Congress goes on a Holy Week break.

Senate Bill 1357 (SB 1357) also seeks to gradually lower the income tax on resident and non-resident foreign corporations to 20% by 2029.

Regional operating headquarters, which pay 10% of their taxable income, must pay the regular income tax two years after the law is enforced.

The measure also grants an income tax holiday for two to four years. After this, companies will have to pay a special corporate income tax of 8% this year; 9% in 2021; and 10% in 2022 based on gross income earned, in lieu of all national and local taxes, according to the bill.

At present, companies enjoy four to six years of income tax holiday, and afterwards have to pay 5% tax based on gross income earned.

The bill also gives as much as 50% additional deduction on labor and power expenses during the taxable year, or up to 100% additional deduction on research and development expenses.

This may be granted for five to eight years, but may not be availed of simultaneously with the income tax holiday and special corporate income tax.

The duration of the tax holiday, special tax and enhanced deduction will depend on the location and industry of a registered business.

The measure classifies registered businesses as basic, enhanced or advanced. Basic enterprises are those engaged in agriculture, fishing, forestry and agribusiness in the National Capital Region (NCR) and other cities.

Enhanced enterprises cover those engaged in agriculture-related activities and local suppliers in areas adjacent to the capital.

Advanced enterprises are those in the agriculture industry and providers of local products in less developed areas, as well as businesses engaged in highly technical manufacturing and service activities.

Senate Bill 1357 will exempt capital equipment, raw materials, spare parts and accessories from import duties.

‘VERY BALANCED’
The Senate version addresses many concerns, including the one-stop shop feature of the Philippine Economic Zone Authority (PEZA), power cost issues, provisions for footloose firms and the length of the sunset period, Finance Secretary Carlos G. Dominguez III said in a statement.

“The Senate version has made these adjustments, while remaining consistent with the key principles of this tax reform,” he added.

Trade Secretary Ramon M. Lopez in a mobile phone message cited the “very balanced” version of the Senate bill, particularly the clause on the transition period.

PEZA would review the Senate version and suggest possible changes, Director General Charito B. Plaza said in a separate text message.

The measure forms part of the Duterte administration’s comprehensive tax reform program, which includes proposals to simplify the tax structure for financial instruments, provide a uniform framework for real property valuation and increase state share in mining revenue.

The government has enacted a measure cutting personal income taxes and increasing or adding levies on several goods and services.

Another tax law grants estate tax amnesty and amnesty on delinquent accounts, while two more laws separately increased the excise tax on alcohol products and conventional and electronic cigarettes.

Senator Ralph G. Recto said he found the pace of the tax cuts “too slow,” adding that he preferred a “one time, big time” reduction.

“I’m supportive of reducing the corporate income tax, although the 1% yearly cut for the next 10 years is too slow,” he said at a briefing.

Mr. Recto also said he might propose a separate fiscal regime for exporters in the manufacturing and service industries.

“I don’t think we should impose too much taxes on exporters and the business process outsourcing industry,” he said.

Mr. Recto said he might also introduce separate tax rates for micro, small, medium and large enterprises.

Senate President Vicente C. Sotto III earlier said the chamber was unlikely to approve Senate Bill 1357 by March, citing intricacies of the measure. — Charmaine A. Tadalan

S&P trims Philippines 2020 growth outlook

S&P GLOBAL RATINGS trimmed its growth outlook for the Philippines this year, even as it expects the economy to be one of the “least affected” by the coronavirus disease 2019 (COVID-19) outbreak in the Asia-Pacific region.

In a note sent to reporters on Wednesday, S&P said it lowered its gross domestic product (GDP) growth outlook for the Philippines to 6.1% in 2020, from the already downgraded 6.2%. The global ratings agency maintained its Philippine growth forecast at 6.4% for 2022.

This comes after Moody’s Investors’ Service on Tuesday reduced its GDP growth forecast for the Philippines to 6.1% from the 6.2% it gave last year.

While S&P and Moody’s forecasts are above the 5.9% growth recorded last year, these are still lower than the government’s downgraded target of 6.5-7.5%.

S&P said the Philippines is expected to be one of the economies “less affected” by the COVID-19 outbreak, along with Japan, Indonesia and Malaysia.

It noted that the Philippines’ tourism-related exports make up 3% of GDP, and less than a fifth of visitors are from China. Chinese travelers accounted for 1.74 million out of the 8.26 million international tourist arrivals to the Philippines in 2019, tourism department data showed.

“Most uncertain is the impact on supply chains. The Philippines is both upstream and downstream from China with processed intermediate trade with the country accounting for about 15% of overall trade. This is dominated by electronics components which may experience region-wide disruptions,” S&P said.

The Department of Finance on Wednesday released data showing the volume of containers coming into the Philippines from mainland China plunged 62.15% year on year in the first half of February.

Data showed the total number of containers coming from China dropped to 29,195 in the first 18 days of February from 77,878 during the same comparable period in 2019.

The decline is all the more apparent after January saw an 8.24% year-on-year increase in the volume of containers to 66,828.

Finance Secretary Carlos G. Dominguez III on Tuesday said: “We’re concerned, but we believe that the slack will be taken up in other markets.”

DRAG ON GROWTH
S&P lowered its growth forecast for the Asia-Pacific region by 0.5 percentage point (ppt) to 4.3%, “which assumes China’s economy will expand at a coronavirus-dented 5% in 2020.”

“We expect significant growth drags of 1 ppt or more in Hong Kong and Singapore, given their close linkages with, and heavy reliance on mainland China. Australia, Korea, Taiwan, Thailand, and Vietnam will also suffer,” the debt watcher said.

“At this point, we anticipate a recovery will take a firm hold in the third quarter but risks are tilted to the downside. We expect more policy easing in the most affected economies, especially rate cuts,” it added. — LWTN with Beatrice M. Laforga

Auto sales fall as Taal eruption disrupts operations

AUTOMOTIVE SALES dropped by 12% in January after manufacturing plants and dealerships in Calabarzon (Cavite-Laguna-Batangas-Rizal-Quezon) temporarily halted operations due to the eruption of Taal Volcano, the Chamber of Automotive Manufacturers of the Philippines, Inc. (CAMPI) and the Truck Manufacturers Association (TMA) reported on Wednesday.

The joint CAMPI-TMA sales report showed vehicle sales fell 11.8% to 23,723 units in January from 26,888 units sold in the same month last year, as sales of light commercial vehicles and passenger cars slipped.

January sales were also 29.6% lower than the 33,715 units sold in December 2019, which the groups described as a consistent seasonal pattern.

CAMPI President Rommel R. Gutierrez said the industry expected a growth slowdown after the Taal Volcano eruption on Jan. 12 disrupted operations.

“Majority of plants and some dealerships located in South Luzon were badly hit by ashfall, also affecting operations in some areas of Metro Manila. Some companies were also forced to temporarily suspend its operations for safety reasons,” he said.

However, Mr. Gutierrez said the industry is optimistic that it will recover as companies resumed operations in the Calabarzon Region.

“We will continue to work double time to catch-up on last month’s losses. We assure our customers the highest level of quality in our products and services because safety and consumer satisfaction are our priorities,” he said.

Commercial vehicle sales, which account for 72% of total car sales, dipped 6.6% to 17,180 units in January. Broken down, sales of light commercial vehicle slid 7% to 13,988 units, while those of light trucks dropped 28.7% to 365 units and those of trucks and buses (category IV) declined 29.8% to 233 units.

On the other hand, Asian utility vehicle (AUV) sales grew 2.9% to 2,479 units during the month.

Meanwhile, passenger vehicle sales fell 22.9% to 6,543 units in January.

Toyota Motors Philippines Corp. (TMPC) continued to have the largest market share of 37.47% as of January, even as it saw car sales drop 21.7% to 8,890 units.

Mitsubishi Motors Philippines Corp.’s market share stood at 21.12%, with sales dipping 1.9% to 5,011 units.

Nissan Philippines, Inc. retained the third spot at 11.91% share and a sales drop of 8.9% to 2,825 units.

Honda Cars Philippines followed with 7.46% share, with sales falling 9% to 1,769 units. Ford Motor Company Philippines held 6.29% of automotive market share, its sales dropping 16.6% to 1,492 units in January.

CAMPI-TMA has yet to disclose its sales target for 2020. In 2019, automotive sales rose 3.5% to 369,941 vehicles.

At the same time, Mr. Gutierrez, who is also a first vice-president at Toyota, said in an event on Monday that the company experienced a few days with no sales due to delivery delays caused by the ashfall, noting that demand was sustained.

TMPC had to halt operations at its assembly plant in Sta. Rosa, Laguna for two days in January because of ashfall from the Taal Volcano eruption.

Mr. Gutierrez said the company has since resumed operations. — Jenina P. Ibañez

REITs seen to drive development outside Manila

THE TAKEOFF of real estate investment trusts (REITs) in the Philippines this year, starting with Ayala Land, Inc. (ALI), is seen to drive developments in cities outside Metro Manila and spark growth in new segments for real estate firms.

In its report “First Mover Advantage” published yesterday, real estate consultancy firm Colliers International Philippines said it expects more REITs to be launched soon following the regulatory adjustments made by the Securities and Exchange Commission (SEC).

“Colliers believes that REIT implementation in the Philippines will likely result in the further differentiation and innovation of domestic property development projects which should eventually benefit Filipino investors and end-users,” it said.

It said the revised REIT rules lowering the minimum public float to 33% and the paid-up capital requirement to P300 million makes the investment tool an attractive option for developers to raise fresh capital.

“Colliers recommends that developers use REITs to access a cheaper source of capital and renovate and reposition assets such as offices, malls, and warehouses,” it said.

Colliers noted the new guidelines, which the SEC published last month, came at the perfect time as the country’s property market is on an upswing. For instance, the office market is growing about 1 million square meters every year, and take-up is likewise reaching above 900,000 square meters every year, it added.

Colliers said that as Metro Manila continues to grow while developable land remains limited, it is expected that property developers may soon move to provincial cities to utilize REITs. Among the areas it mentioned are Cebu, Davao, Iloilo, Bacolod and Pampanga.

“Given the dearth of developable land and surging land values in Metro Manila, firms may also use REIT proceeds to develop integrated communities in key cities outside the country’s capital… We also encourage provincial players that meet the capitalization requirement to tap REIT,” it said.

Aside from typical real estate assets namely office, retail, warehouses and hotels, the consultancy firm said there is an opportunity for other segments to take advantage of REITs.

“With the government being more active in attracting private sector investment, property firms should also explore possible public-private partnership (PPP) projects that cover hospitals, schools, and toll roads as these assets meet the requirement to generate recurring income,” it said.

“The Philippine REIT landscape can now truly develop, which should entice homegrown developers such as those in Cebu and Davao to participate in this new capital fund-raising option,” it added.

ALI led the country’s first REIT application with an offer to sell up to 478,639,700 shares in its subsidiary AREIT, Inc. This covers divesting in three commercial buildings in Makati City, namely Solaris One, Ayala North Exchange and McKinley Exchange. — Denise A. Valdez

SEC flags another illegal investment scheme

THE Securities and Exchange Commission (SEC) is warning the public against engaging with Kapiboma Networking/Kapiboma Global Marketing, Inc., which it said is not authorized to operate for investing purposes.

In an advisory on its website yesterday, the corporate regulator said it found Kapiboma operating an illegal investment scheme after receiving numerous reports from the public.

“The public is hereby informed that Kapiboma Networking/Kapiboma Global Marketing, Inc. are not licensed or granted a permit by the SEC to sell or offer securities or solicit investments from the public,” it said.

The regulator said the group works by inviting investors to put in P5,000 into the company in exchange for P5,000-worth Kapiboma herbal products. Members are also required to give P1,000 every month as “monthly dues,” which is used to pay for the company’s water and electricity bills and compensation for employees.

Among the products members may get are Golden Moringa 4 in 1 Malunggay Coffee, Golden Moringa Mangosteen Stevia Coffee, Golden Moringa Stevia Coffee, Mangosteen Guyabano, Mangosteen and Guyabano Herbal capsule.

On top of that, Kapiboma commits a condominium incentive if members recruit five individuals, who also each must invite five more into the company. Those that are successfully able to do so may move into the condominium in 45-60 days. The interior design of the unit priced at around P75,000-100,000 will also be given for free.

Other incentives are a P1,000 direct referral fee, a car plan, an international cruise, a parking slot, a P4-million business package and a P1-million life insurance.

The SEC said this operation is against the Securities Regulation Code, as Kapiboma does not have the required license from the SEC to solicit investments.

“[T]he public is hereby advised to exercise caution in dealing with any individual or group of persons soliciting investments for and on behalf of Kapiboma,” it said. “The public is further advised not to invest or stop investing in any investment scheme being offered by aforesaid entities/individuals.”

As penalty, Kapiboma may be charged up to P5 million or a maximum of 21 years in prison, or both. The SEC said it also submitted to the Bureau of Internal Revenue the names of the involved individuals. — Denise A. Valdez

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