corporate

FDA grants license to operate to Jocals688 Beauty & Wellness Products Trading, Inc.

May 21, 2020

MANILA - The Food and Drugs Administration (FDA) has finally granted Jocals688 Beauty and Wellness Trading, Inc. license to operate. This was announced to the Mindanao Daily News today by Mr Joshua Alforque Calderon, President and CEO of Jocals688 Beauty & Wellness Products Trading, Inc. "Actually March 5 pani pero now lang nahatag ang certificate. March 5 naa nami FDA LTO number unya April 14 nagpagawas ug advisory ang SEC nag ingon nga wala daw me FDA LTO busa sayop jud ilang akusasyon," Calderon explained. Calderon said this new development signals the company's ultimate goal to distribute their products all over the country and expand to the world in the next 2 to 3 years. "We are always envigorated to helping the Filipinos all over the world become beautiful, healthy and wealthy, the reason that we are massively expanding in just one year after we opened in July last year," says Joshua Calderon, the company's President and CEO. He said in an interview with MDN that he wants the company to stay for more than fifty years with the members siblings continue operating and spreading the goodness of the company in terms of beauty and wellness. "Nangandoy kita nga moabot pa ang Jocals688 sa singkwenta ka tuig ug mamahimong mga anak na nato ang magdumala niini uban usab sa mga anak sa mga miyembro." Roger Gelacio, the company's marketing manager also told MDN that he was a living witness how the company was massively expanding in Mindanao, Visayas and Luzon. "Isip marketing manager sa maong company kanunay kitang kuyog sa atong presidente kung adunay mga product launching and office blessing. Gani, natuyok na nato halos and tanan nga mga strategic areas para madali mapalapad ang operasyon sa kompanya," Gelacio said.     COPY OF FDA LTO

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SEC orders CROWD1 to stop illegal investment scheme

May 20, 2020

The Securities and Exchange Commission (SEC) has ordered CROWD1 Asia Pacific, Inc. to immediately stop soliciting and accepting investments from the public under a scheme disguised as a digital marketing business. In an order issued May 12, the SEC directed CROWD1 to cease and desist, under pain of contempt, from engaging in activities of selling and/or offering for sale securities in the form of investment contracts or other similar schemes without prior registration and permit to sell. The SEC also ordered CROWD1 to cease from promoting its investment scheme in social media and other online platforms. Furthermore, the Commission prohibited CROWD1 from transacting any business involving funds in its depository banks, and from transferring, disposing, or conveying in any manner all related assets for the benefit of the investors. The cease and desist order covers the corporation’s operators, partners, directors, officers, salespersons, agents, representatives, promoters, and all persons, conduit entities and subsidiaries claiming and acting for and on its behalf. The SEC issued the cease and desist order after finding that CROWD1 has operated “a fraudulent investment scheme consisting of the sale and/or offer of inexistent securities in the form of investment contracts to the public.” CROWD1 solicits and accepts investments from the public by offering what it describes as educational packages for a minimum of P6,000 and as much as P240,000. To entice the public to invest, CROWD1 promises member-investors five different bonuses: streamline bonus, binary pairing bonus, fear of loss bonus, matching bonus, and residual bonus from games and gambling apps. CROWD1 likewise touts a pairing incentive payable in Euros to encourage member-investors to recruit new members. Representing itself as a digital marketing business, CROWD1 claims it generates income from online games and facilitates the generation by its members of residual income from its affiliate gaming companies such as AFFIGLO and MIGGSTER. The SEC, however, ruled that CROWD1’s scheme involved the sale and/or offer of securities in the form of investment contracts and, thus, required a secondary license under Republic Act No. 8799, or The Securities Regulation Code (SRC). Rule 26.3.5 of the 2015 Implementing Rules and Regulations (IRR) of the SRC defines an investment contract as “a contract, transaction or scheme whereby a person invests his money in a common enterprise and is led to expect profits primarily through the efforts of others.” An investment contract is presumed to exist when a person seeks to use the money or property of other persons on the promise of profits. Also, a common enterprise is deemed created when two or more investors pool their resources even if the promoter receives nothing more than a broker’s commission. In this light, the SEC held that CROWD1 is engaged in the sale and/or offer for sale of securities in the form of investment contracts. The Commission also ruled that the act of CROWD1 of publishing and making presentations on its investment/ business scheme through its website, Facebook, YouTube and on-ground events, and inviting investors constituted a public offering as defined under Rule 3.1.17 of the 2015 IRR of the SRC. Section 8 of the SRC provides that securities shall not be sold or offered for sale or distribution within the Philippines, without a registration statement duly filed with and approved by the SEC. CROWD1 neither secured a secondary license to operate as a broker/dealer, registered as issuer of mutual funds, exchange-traded funds or proprietary/ nonproprietary shares, nor registered any securities pursuant to the SRC. CROWD1 only registered as a corporation for the primary purpose of engaging in business process outsourcing services. The SEC, however, emphasized that the certificate of incorporation granted to CROWD1 explicitly prohibited the corporation from soliciting, accepting or taking investments or placements from the public as well as from issuing investment contracts. The Commission initially advised the public to exercise caution in dealing with individuals and groups representing CROWD1 through an advisory dated April 28, after gathering information about the corporation’s unauthorized investment-solicitation activities. Acting on numerous complaints, reports and inquiries, the SEC Enforcement and Investor Protection Department (EIPD) conducted an investigation, which included surveillance and field operations, for possible violations of the SRC and its IRR. The EIPD was then able to establish substantial evidence that CROWD1 was selling and/or offering securities to the public in the form of investment contracts without the required secondary license from the Commission. Based on the findings and evidence gathered, the SEC proceeded with the issuance of a cease and desist order against CROWD1.   “[I]t is clear that CROWD1 is not authorized to sell or offer its educational packages to the public because they are securities in the form of investment contracts, and CROWD1 does not have the requisite license from this Commission,” the order read. “This undoubtedly warrants the issuance of a cease and desist order because the act of CROWD1 in selling/ offering unregistered securities operates as a fraud to the public which, if unrestrained, will likely cause grave or irreparable injury or prejudice to the investing public.” The SEC earlier issued similar cease and desist orders against Lion City Finance Group, Inc. and Payasian Pte. Ltd. Corporation for selling and/or offering to the public securities in the form of investments contract without the necessary licenses. Lion City obtained funds from the public allegedly to finance its various business transactions and operations. It promised a pure passive income of at least 10% a month and issued postdated checks to investors covering the amount of the guaranteed return on investment. Payasian, meanwhile, enticed investors to buy Paya Coins and hold them for six months in order to receive 30% additional Paya Rewards. The group also offered referral rewards. END

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ASPAP: E-games beef up economy with billions

May 20, 2020

A huge gapin the national budget brought about by the pandemic is pressuring authorities to intensify revenue generation efforts.  Members of the Accredited Service Providers of PAGCOR (ASPAP) today cited the significant role of offshore gaming operations to help the nation rise from the crippling effects of COVID-19.                           No less than House Committee on Ways and Means Chairman, Representative Joey Salceda had estimated that POGOs contribute around P94.7 billion annually to the country’s gross domestic product. He pointed out that tax collection from POGOs in 2018 and 2019 alone reached P22.4 billion, inclusive of value added tax (VAT) from rent and from workers consumption.  PAGCOR’s own forecast provides a more compelling reason to allow the resumption of POGO (Philippine Online Gaming Operator) operation, ASPAP spokesperson Atty. Margarita Gutierrez said. It projects annual collection of fees to reach P10 billion, while withholding taxes on both foreign and local POGO workers are estimated at P12.25 billion.                                                    Add to that rental VAT payments for offices and housing (around P3 billion), Department of Labor and Employment permits (P6 billion), and fees of direct hired agencies (P3 billion), PAGCOR says the annual collections from taxes and fees from POGOs should be around P34 billion.                        Furthermore, an estimated P33 billion would be injected to the local economy by foreign POGO workers through their daily expenses, rental payments for offices and houses totalling P21 billion, and P16.4  billion in wages for staff, the total contribution of POGOs to our country could  reach as high as P104 billion per year according to PAGCOR. "Revenues which POGOs pump into the economy are way beyond the regulatory fees and taxes directly paid to the authorities," Gutierrez clarified.  With government’s deficit expected to balloon to P1 trillion due to the pandemic, Gutierrez said the income from offshore gaming and the ripples of benefits it would bring could provide the additional resources for critical corona virus response programs.                                     “We are committed to fully support the country’s roadmap to economic recovery and we hope that all sectors will pour their efforts toward this goal,” she said. 

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DENR 10 upholds ‘WE HEAL AS ONE’ Campaign

May 19, 2020

The Department of Environment and Natural Resources Region 10 (DENR 10), through the initiative of Environment and Natural Resources Multi-Purpose Cooperative, Inc. and support from DENR Employees Association, extended a relief goods assistance to the Garbage Collectors from Barangay Puntod and Macabalan in this city as well as to the maintenance employees of the regional office on May 15, 2020 in DENR 10 Compound. DENR 10 Regional Executive Director, Arleigh J. Adorable, acknowledged the garbage collectors as frontliners in this time of challenging global pandemic. He underlined the essential role of the recipients in maintaining the cleanliness of the surrounding through their regular collection of garbage. #TayoAngKalikasan

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LANDBANK, DA distributes P993M in cash aid to small rice farmers

May 19, 2020

The Land Bank of the Philippines (LANDBANK), in partnership with the Department of Agriculture (DA), continued to distribute cash assistance to small rice farmers during the CoVid-19 pandemic, paying out a total of P993.15 Million to 198,630 farmer-beneficiaries.     The one-time financial assistance of P5,000 each is granted to rice farmers tilling farms with areas of 0.5 to two (2) hectares under the DA’s Rice Farmer Financial Assistance (RFFA) program, and those tilling farms one (1) hectare or less, under the DA’s Financial Subsidy to Rice Farmers (FSRF) initiative.     As of May 13, 2020, a total of 107,463 RFFA and 91,167 FSRF farmer-beneficiaries received their cash grants amounting to P537.315Million for RFFA and P455.835 Million for FSRF.     The distribution of cash assistance under the RFFA and FSRF is expected to continue until June.       LANDBANK has partnered with various national government agencies for the distribution of the Social Amelioration Program (SAP) of the national government in support of the implementation of Republic Act No. 11469 or the “Bayanihan to Heal as One Act” to combat the CoVid-19 pandemic.     For more updates, please refer to the official LANDBANK social media accounts on Facebook and Instagram (@landbankofficial) and on Twitter (@LBP_Official) or via the LANDBANK website (www.landbank.com).

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LANDBANK, DA distributes P993M in cash aid to small rice farmers

May 19, 2020

The Land Bank of the Philippines (LANDBANK), in partnership with the Department of Agriculture (DA), continued to distribute cash assistance to small rice farmers during the CoVid-19 pandemic, paying out a total of P993.15 Million to 198,630 farmer-beneficiaries.      The one-time financial assistance of P5,000 each is granted to rice farmers tilling farms with areas of 0.5 to two (2) hectares under the DA’s Rice Farmer Financial Assistance (RFFA) program, and those tilling farms one (1) hectare or less, under the DA’s Financial Subsidy to Rice Farmers (FSRF) initiative.      As of May 13, 2020, a total of 107,463 RFFA and 91,167 FSRF farmer-beneficiaries received their cash grants amounting to P537.315Million for RFFA and P455.835 Million for FSRF.      The distribution of cash assistance under the RFFA and FSRF is expected to continue until June.        LANDBANK has partnered with various national government agencies for the distribution of the Social Amelioration Program (SAP) of the national government in support of the implementation of Republic Act No. 11469 or the “Bayanihan to Heal as One Act” to combat the CoVid-19 pandemic.      For more updates, please refer to the official LANDBANK social media accounts on Facebook and Instagram (@landbankofficial) and on Twitter (@LBP_Official) or via the LANDBANK website (www.landbank.com).

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