“Radiating positivity, creating connectivity” March 9 - March 15, 2020 P15.00 CEBU Volume 2 Series 25 12 PAGES BUSINESS Room 310-A, 3rd floor WDC Bldg. Osmeña Blvd., Cebu City WEEK You may visit Cebu Business Week Facebook page. SEC checks firms ‘used’ by terrorists Non-stock companies also engaged in laundering? The Securities and verification, signed by thepursuant to the Commission Exchange Commission (SEC) authorized representative of En Banc Resolution passed is checking on reports that the non-stock corporation, last Feb. 27, 2020. All non- some non-stock corporations and notarized. stock corporations were are being used by financiers Colina said this order previously instructed to for world terrorism and was released in November submit their MDFs on money laundering. 2018, with the first deadlineor before Feb. 28, 2020 Atty. Rheswi Grace last July 31, 2019. Then a new before the extension was Colina, SEC Securities circular was issued for online announced. Counsel, said that they have submission which took effect Tiara Jabutay, SEC no confirmation yet about the last Dec. 27, 2019. Cebu Information Officer, report but they are reviewing The second deadline was furnished Cebu Business the finances and activities of last Feb. 28, 2020 but only Week with the notice on their non-stock corporations in few heeded, hence, another website. the country. deadline was set on March In the said notice, SEC “We want to know the 31, 2020 with no more also clarified that they will profile of the corporation,extension. only be accepting MDFs that their activities, their donors, Colina reminded the were previously filled out how the corporation used public that even for only online. Manually filled up the money and who are the once that a non-stock forms will not be accepted. beneficiaries,” Colina said. corporation cannot submit “Only the printed copy She said that this is the the MDF, there will be fineof the accomplished MDF reason why SEC requires and suspension of operation. form filled out and submitted all non-stock corporations “The fine is no less online with the Declaration/ to submit Mandatory than P5,000 and not more Verification page will be Disclosure Forms (MDFs) than P2 million. The fine isaccepted. Failure to submit not later than March 31, not more than P1,000 a day the said MDF is a ground 2020. for continuing violation but for the revocation of one’s “We don’t accuse anybody not to exceed P2 million, Certificate of Registration.” of wrongdoing. But we have and there is suspension of SEC informed the public. to protect the interest of the operation or revocation of the According to the Atty. Rheswi Grace Colina people. We have checklist for certificate of incorporation,” Enforcement and Investor the non-stock corporation to Colina said. Protection Department of terrorist financing and corporations may submit follow for SEC to determine In a notice posted (EIPD), due to the nature money laundering. their Mandatory Disclosure their category. The MDF on the SEC official website,of non-stock corporations’ The MDF is in compliance Forms at the Receiving that they will submit will www.sec.gov.ph last Feb. 21, activities which involve the with the guidelines for the Section of the SEC Cebu be forwarded to the Anti- 2020, SEC announced that raising, disbursing, and the protection of SEC-registered Extension Office in V. Rama Money Laundering Council the deadline for submission cross border movement non-stock corporations from Avenue, Guadalupe, Cebu (AMLC),” Colina said. of MDF was extended to of funds, non-stock such money laundering or City. Four sets must be Colina said the MDF has March 31, 2020. corporations are identifiedterrorist financing abuse.submitted with at least two an attached declaration for This extension is as vulnerable to threats SEC-registered non-stock original copies. 2 March 9 - March 15, 2020 Cebu Business Week LOCAL Naga convenes Covid-19 Task Force City of Naga, Cebu Mayor quarantine facilities in case Valdemar “Val” Chiong has there will be a case of local convened the City Covid-19 transmission of Covid in the Task Force in a meeting last City of Naga. March 10, 2020. The City of Naga is one of They discussed the the progressive component steps and course of actions cities in Cebu with P65 of the City of Naga Local million annual budget 10 Government Unit (LGU) in years ago to more than P1 line with President Rodrigo billion at present. Duterte’s declaration of Mayor Val has resigned a State of Public Health as mayor of the City of Naga Emergency throughout the effective March 16, 2020, country. more than eight months Duterte made the after he won the May 2019 declaration after the election and returned as Department of Health (DOH) chief executive last July 1. reported the first known local His daughter, Vice transmission of Covid-19 in Mayor Kristine Vanessa the Philippines. Chiong will succceed him. Mayor Val stressed that Kristine Vanessa became the all necessary precautionary fisrt woman mayor of the measures should be City of Naga from 2016-2019 implemented including the after his father’s three terms temporary suspension of (2007-2016) ended. LGU activities that involve The Chiongs are much large crowds like the concern on maintaining good City of Naga Mayor Valdemar “Val” Chiong (middle in top photo barangay service caravan. health fo their constituents, and standing right in photo below) The City Covid-19 Task like maintaining peace and discusses with his subordinate Force also recommended the order. officials on the steps and programs provision of hand sanitizers They built an infirmary on how to prevent the transmission of Corona Virus Disease (Covid-19). and temperature checking at hospital in the City of Naga City of Naga courtesy photo the entrance of LGU-owned so their constituents will not facilities. They also talked anymore go to Cebu City for about the need to install treatment. ELIAS O. BAQUERO Councilor donates tank to neighboring barangay A Rotarian who is a Cebu City., and some bulk The water tank donation councilor of Barangay water suppliers. was received by Mabini Bacayan, Cebu City has Other water consumers Barangay Captain Richard donated a big water tank who are not clients of MCWD Adolfo and witnessed by to neighboring Barangay have their own water sources. barangay workers who will Mabini to give the people Newly-appointed MCWD be among the beneficiaries access to water. Chairman Joey Daluz said as it will be installed in the “Even if it is not my place, they are undergoing a barangay hall. I decided to do it because seminar at the Local Water “It’s a one-thousand access to water is one of the Utilities Administration (1,000) liter tank. It’s the major issues in Mabini where (LWUA) on how to improve first installment of my water is rationed regularly,” water supply. projects there as I will be said Bacayan Councilor Daluz said they are training their tanods and Winston Pepito. now making plans on how will be giving them tactical Earlier, resigned to solve the water crisis in flashlights as well. The third Metropolitan Cebu Metro Cebu as declared one is the back-to-school Water District (MCWD) by the Cebu Prfovincial program before the start of spokesperson Charmaine Board through a resolution classes for the next school Rodriguez Kara said that authored by Board Member year,” Pepito said. their total need is about Glenn Soco. “I give out school 500,000 cubic meters of Pepito is a member of supplies to school children water a day, but they only the Rotary Club of Cebu East for the back-to-school supplied 238,000 of waster of District 3860, a civic club project. I have been doing per day from its own water organized on Jan. 12, 1981 that for around eight years Bacayan Barangay Councilor Winston Pepito (right) has donated a 1,000-leter water tank to the neighboring Barangay Mabini to solve their source in Jaclupan, Talisay whose charter president is now,” Pepito said.ELIAS O. water problem. City and at Buhisan Dam, Rep. Raul V. Del Mar. BAQUERO Cebu Business Week March 9 - March 15, 2020 3 NEWS ERC orders: Refund P2.8B to consumers The Energy Regulatory it is registered with the estimated costs of generation Commission (ERC) has National Electrificationand transmission charges,” ordered power Distribution Administration (NEA) if based on previous billing Utilities (DUs) to refund instead of the Cooperative months. P2.8 billion to customers Development Authority In addition, the ERC which may translate to as (CDA). A source said some determined over-recoveries high as P1.3182 kilowatt- CEBECO officials refuse toin lifeline and senior citizen hour (KwH) pay-back to shift to CDA because they charges “due to variance electric consumers. will surely lose their huge in the discount granted as The lower end of the monthly income. against the actual subsidy refund order had been The aggregate P2.8 charged and collected.”. at P0.0025 per KwH, billion refund by DUs to Atty. Joel Bontuyan, depending on the scale of customers as estimated by ERC 7 regional director, over-recoveries that DUs and ERC had been due to over- said that in a normal electric cooperatives have recoveries in their pass- course of business, the ERC previously collected from through charges. requires all DUs to file over their subscribers. The magnitude of refund recovery or under recovery In Cebu, the DUs are the per DU had been estimated applications. Visayan Electric Company to be ranging at P657.59 Bontuyan said that (VECO) and Mactan Electric million to as low as P107,000 over recovery or under ATTY.