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VOL.12 ISSUE 63 • THURSDAY, JUNE 6, 2019
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14 investment schemes firms shut down because of questionable documents
By ADAM B. MORRELL
T
he 14 investment schemes in Davao Region which opted to voluntarily close presented invalid permits, the Police Regional Of�ice (PRO) 11 bared on Wednesday. PRO 11 spokesperson Police Major Jason Baria revealed the discrepancies in permits of the establishments offering investment schemes during the AFP-PNP Presscorps media briefing held at the Royal Mandaya Hotel. "Based on the initial investigation, na verify ng mga authorities natin na may mga permits sila pero hindi tugma yung description sa actual business nila," Baria said, adding that others had permits secured from other areas. "Yung iba, nag bukas ng establishment dito sa Davao City pero yung permit doon pa galing sa Tagum City," he added. Thus, the Philippine National Police (PNP) advised these companies to temporarily halt the operation and complete �irst the appropriate requirements.
While others have invalid permits, Baria said some have literally no papers to show and decided to voluntarily close their establishment. Baria said an entity must have primary and secondary permits from the Security and Exchange Commission (SEC) which was assigned to chair the inter-agency task force to take charge of these mushrooming investment schemes particularly in Davao Region. Baria, however, declined to identify the establishments saying their of�ice doesn’t have the right to disclose the names of the companies which voluntarily closed. "The power of the PNP is to only advice these companies to secure their legality. We will leave the naming of these com-
EID MUBARAK. A man feeds his wife with rice and chicken adobo after a worship during a congregational prayer to celebrate Eid’l Fitr at Tionko Field along Quimpo Boulevard in Davao City on Wednesday. Eid’l Fitr marks the end of the Holy month of Ramadhan. Lean Daval Jr
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