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Sunday, July 14, 2019 Vol. 14 No. 277
2018 EJAP JOURNALISM AWARDS
BUSINESS NEWS SOURCE OF THE YEAR
DEPARTMENT OF SCIENCE AND TECHNOLOGY
2018 BANTOG MEDIA AWARDS PHILIPPINE STATISTICS AUTHORITY
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OF BLESSINGS, LOVE OFFERINGS AND GREED A
By VG Cabuag
T the Securities and Exchange Commission (SEC), there’s this obscure unit that mainly hides its work—the Enforcement and Investor Protection Department (EIPD).
pseudo investment firms throughout his career at the agency. He once headed the SEC Davao and Zamboanga Extension Offices where he launched capital market promotion activities as well as an enforcement program against investment scams. He worked with the SEC in early 2000 where he rose to the ranks to become the youngest director of EIPD, formerly called the Prosecution and Enforcement and non-Traditional Securities and Instruments departments. “We shall never let up on our crackdown on investment scams, as we uphold our mandate to champion and protect the interests of the investing public,” Aquino said.
Fresh from the laboratory: Startups make meat that avoids slaughter IN this photo taken April 11, 2019, Memphis Meats chief executive officer Uma Valeti shows chicken his company produced in a laboratory from chicken cells in Emeryville, California. A growing number of startups worldwide are making cell-based or cultured meat that doesn’t require slaughtering animals. AP
‘Trouble spots’
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This division of the SEC is responsible, among others, for protecting the public from various forms of investment scams, which still prevail once every so often, despite campaigns of avoiding offers of huge investment returns for a small amount a person gives. However, with the assumption of new SEC chairman Emilio B. Aquino in June last year, there was a resurgence of investment scam cases that the agency has publicly disclosed.
“We shall never let up on our crackdown on investment scams, as we uphold our mandate to champion and protect the interests of the investing public.”—Aquino
Aquino is credited with having issued the most number of Cease and Desist Orders against pyramiding and boiler-room operations of
PESO EXCHANGE RATES n US 51.2590
SO far all of the cases disclosed by the SEC’s Enforcement Department this year came from outside Luzon, mostly in Mindanao, one of which is the Kapa-Community Ministry International Inc., whose officers are now facing criminal prosecution. Other active cases on EIPD’s file were Rigen Marketing, a company based in Tagum City; Ada Farm Agri Ventures, Mandaue, Cebu; Ever Arm Any Marketing, Tagbilaran City; and Organico Agribusiness Corp., Davao. According to data from the SEC, the agency was able to issue 122 cease-and-desist orders from 1997 through June this year, the latest of which was a mining cooperative operating in Alabel and Maasim in Sarangani province. Continued on A2
E
By Terence Chea |
The Associated Press
MERYVILLE, California—Uma Valeti slices into a pan-fried chicken cutlet in the kitchen of his startup, Memphis Meats. He sniffs the tender morsel on his fork before taking a bite. He chews slowly, absorbing the taste.
“Our chicken is chicken...you’ve got to taste it to believe it,” Valeti says. This is no ordinary piece of poultry. No chicken was raised or slaughtered to harvest the meat. It was produced in a laboratory by extracting cells from a chicken and feeding them in a nutrient broth until the cell culture grew into raw meat. Memphis Meats, based in Emeryville, California, is one of a growing number of startups worldwide that are making cell-based or cultured meat. They want to offer an alternative to traditional meat production that they say is damaging the environment and causing unnecessary harm to animals, but they are far from becoming mainstream and face pushback from livestock producers. “You are ultimately going to continue the choice of eating meat for many generations to come without putting undue stress on the planet,” said Valeti, a former cardiologist Continued on A2
n JAPAN 0.4725 n UK 64.1916 n HK 6.5527 n CHINA 7.4570 n SINGAPORE 37.7793 n AUSTRALIA 35.7429 n EU 57.6971 n SAUDI ARABIA 13.6669
Source: BSP (July 12, 2019 )
FEODORA CHIOSEA | DREAMSTIME.COM
Amid resurgence of investment scam cases, SEC chief reinvigorates drive vs suspected fraudsters