The Securities and Exchange Commission on Tuesday revealed it has revoked the registration of People’s Initiative for Modernization and Reform Action or PIRMA in 2004.
SEC review counsel, Katrina Jean Miranda, told the senators that PIRMA—the lead convenor for people’s initiative—has been non-existent since 10 February 2004 after failing to submit documents required for registration.
“Their certificate of registration has been revoked,” Miranda said when Senator Imee Marcos asked SEC to confirm the PIRMA’s existence during the Senate inquiry on the people’s initiative to amend the Constitution on Tuesday.
“What we only have are their articles of incorporation and by-laws which they submitted when they applied for registration,” Miranda added.
PIRMA lead counsel Alex Avisado said they could not file a petition for reinstatement “unless they update the portal through online submissions.”
Avisado said PIRMA had submitted an updated email and contact persons through the SEC portal just after the Senate held its first inquiry about two weeks ago.
He said they are about to submit the names of the new PIRMA directors to the SEC.
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