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SEC files complaint vs PetroMobil for alleged Ponzi scheme

PetroMobil promised returns of as much as P100,000 for every P400,000 – a typical Ponzi scheme, according to the Securities and Exchange Commission

SEC files criminal charges against PetroMobil execs for alleged illegal investment solicitation

THE Securities and Exchange Commission (SEC) filed criminal charges before the Department of Justice (DOJ) against oil industry player PetroMobil Corporation and its officers for alleged violation of the provisions of the Securities Regulation Code, Republic Act No. 10175 (Cybercrime Prevention Act), and Republic Act No. 9060 (Anti-Money Laundering Act).…

Fuel excise tax halt to cost government P131 billion–DOF

THE national government stands to lose P131.4 billion next year if fuel excise taxes are suspended in response to rising oil prices, according to the Department of Finance (DOF). In a memorandum to Finance Secretary Carlos G. Dominguez, DOF Revenue Operations Group Undersecretary Antonette C. Tionko said the only way…

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