SEC Urges Public To Verify Status Of Organisations That Offer Huge Profits

The Securities and Exchange Commission (SEC) Cebu Extension Office is urging the public to verify with them for the status of any organization offering huge amounts of profit to prevent from being deceived.

Atty. Lindeza Gavino, Director of SEC Cebu Extension Office, said during the recent Association of Government Information Officers (AGIO) 7 and Philippine Information Agency (PIA) 7 Forum that anybody can ask them about whether an organization is registered with SEC or not.

“The advantages if SEC-registered is that the corporation/association will be able to transact with other entities,” said Gavino.

“Even other government agencies require formal organizations to do transactions with them,” she continued.

It is important for the corporation/association to register with SEC to legalize all their activities, create their own personality and it will show distinct from the members.

Once SEC registered, the organization is required to submit their annual General Information Sheet (GIS) and audited Financial Statement (FS) as part of the commission’s monitoring being a repository of records.

Gavino also explained that with the submission of these two reportorial requirements, anybody who wants to know the status of the entities can verify with their office.

She stressed that scammers know how to look for their targets or victims and most of them are retirees, teachers, housewives, and Overseas Filipino Workers (OFW).

SEC officials encouraged the public to be careful in dealing with suspicious entities and always verify to avoid scams.

“There are notices and advisories posted at the SEC website (www.sec.gov.ph) where the public can also check,” Gavino ended. (rmn/hfg/PIA-7/AGIO-7)