Porac mayor seeks stricter SEC measures

Porac, Pampanga — The local government here is pushing the Securities and Exchange Commission (SEC) to implement stricter measures to prevent the illegal activities of Philippine Offshore Gaming Operators (POGOs) from happening again.

Porac Mayor Jaime Capil stressed that there should be a unified government response to prevent a repeat of illegal activities by POGOs as he stressed collaboration over blame.

“The focus should not be on assigning blame within government ranks but on fostering collaboration to combat this pervasive threat,” Capil said.

He proposed a “comprehensive review and enhancement of the SEC’s validation processes” to better identify potential risks posed by incorporators, particularly those seeking Internet Gaiming Licenses (IGLs).

“Given that the SEC serves as the birthing ground for new juridical entities, it is imperative that the validation of incorporators be stringent and thorough,” Capil said, adding that it would prevent the exploitation of Philippine economic and regulatory environments.

Capil also called for a stricter validation process for incorporators in the Articles of Incorporation to ensure businesses adhere to national and local laws. This, he said, would be a “first step towards tightening control” over IGLs.

Authorities are currently searching for incorporators of Sun Yuan Technology in Bamban, Tarlac, believed to be Chinese fugitives led by Huang Zhiyang, Zhang Ruijin and Lin Baoyig.