The Philippines Good Samaritan Riders Association (TPGSRA) reiterated that they have been compliant with the requirements set by the Securities Exchange Commission (SEC).
TPGSRA president, Rev. Bong Fostanes, asserted that the association operated in “honest good faith” and did not violate any laws or regulations specifically with regard to the procedure and setup of the association’s Vehicle Sponsorship Program.
This is in response to the SEC advisory dated June 20, 2019 which states that the association is “not authorized to offer, solicit, sell or distribute any investment or securities,” being only registered as a corporation under the Corporation Code of the Philippines.
The SEC advisory also states that to offer, solicit, sell or distribute any investment or securities “require a Secondary License” from them.
“The securities or investment product should likewise be registered with SEC before they can be offered or sold to the public under Sections 8 and 12 of the Securities Regulation Code (SRC),” the SEC advisory also states.
To address the issue, TPGSRA is now working with legal consultants.
Fostanes pointed out that TPGSRA has been compliant with the SEC registration requirements.
TPGSRA has also strictly obeyed the SEC rules and regulations since its incorporation.
Fostanes said that the SEC monitoring team visited their office last March 2019 for a conference. Fostanes added that during the meeting, 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.
On this, he assured members that the 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.
Fostanes also said the association leaders believe that no law or regulation was violated, particularly in the procedure and setup of their Vehicle Sponsorship Program.
Now with legal consultants, TPGSRA is complying with the SEC advisory, processing the needed requirements, and fully cooperating with the authorities.
This is “to enable the association to fulfill its mission and implement its programs within the bounds of law.”
As of now, TPGSRA has temporarily suspended its operation since the day after SEC issued the advisory a month ago.
Fostanes said they will resume as soon as the appropriate license is issued and other legal requirements are fully complied with.
Amid the measures undertaken by local government units to warn the public against the activities of the association, TPGSRA clarified that there is nothing to worry about as it has duly advised their coordinators and sub-coordinators to stop any activity that would contradict with the SEC advisory.