The founder of The Philippines Good Samaritan Riders Association (TPSGRA) is working with legal consultants to address the advisory issued by the Securities Exchange Commission (SEC).
TPGSRA president, Rev. Bong Fostanes, assured members he and other association leaders are looking for ways to fulfill the group’s vision and mission of helping people achieve their dreams of having their own motorcycles.
According to Fostanes, the TPGSRA has been compliant with the SEC registration requirements and strictly obeyed the SEC rules and regulations since its incorporation.
In fact, Fostanes related, the SEC monitoring team visited their office last March 2019 for a conference.
During the meeting, Fostanes said he fully explained to the SEC how the association’s Vehicle Sponsorship Program works.
“They never mentioned that the association is in need of a secondary license,” Fostanes pointed out.
Fostanes asserted that the association operated in honest good faith and did not violate any laws or regulations specifically as regards the procedure and setup of the association’s Vehicle Sponsorship Program.