DAVAO CITY — The Securities and Exchange Commission-Davao Extension Office (SEC-DEO) welcomed the action of the Panabo City government through its Licensing Office, headed by Juliet S. Nacario, and the Philippine National Police Panabo under the leadership of Lt. Col. Verna L. Cabuhat for their action on a complaint against an entity illegally soliciting investment from the public.
The SEC has issued an advisory against Mer’s Business Center on May 6 as it does not have the necessary secondary license to offer securities for sale within the Philippines as required under the Securities Regulation Code (SRC).
The SEC-DEO said the action, which resulted in the arrest of three individuals from General Santos City, is a big boost to the campaign against illegal investment schemes out to siphon the hard earned money of the ,
especially in this time of a global health crisis.
“The Panabo City LGU and its police are worth emulating for their conscious efforts in running after those who continue to solicit investments without the necessary license,” the extension office said.
