BAGUIO CITY—A renewable energy firm based here has been stripped of its corporate license after the Securities and Exchange Commission (SEC) ruled that it was illegally selling securities to finance its biofuel manufacturing project.
In a notification sent to the city government, the SEC said Philbio Renewable Energy Resources Corp. (Philbio) had misrepresented itself when it invited people to buy company shares valued at P250,000 to P500,000 for a 180-percent daily return on investments once it starts operating a biodiesel processing plant to be put up in Sablan town in Benguet province.
Not licensed
In a ruling it issued on April 27, the SEC said that Philbio was not licensed to offer nor sell securities. The firm was given time to apply for a secondary license to sell securities following a complaint filed in 2009. But Philbio had not complied, according to the ruling that was posted on the SEC website.
Personnel from SEC’s enforcement and prosecution department and its Baguio extension office posed as interested investors twice to monitor and gather evidence on Philbio’s unlicensed transactions.
Philbio had been securing investments through two web portals, the SEC said.
Nonpolluting
The shift to green energy has been given a boost by a recent statement made by President Aquino supporting the increased use of nonpolluting sources of electricity over power sources running on fossil fuels.
Mr. Aquino’s statement came months after he represented the Philippines at the climate change summit in Paris during which many countries gave commitments to reduce greenhouse gas emissions by unprecedented levels. Inquirer Northern Luzon