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MANILA - The Securities and Exchange Commission (SEC) has revoked the corporate registration of Wellcons Unlimited Systems Inc. for employing a "double-your-money" scheme to illegally solicit investments from the public. In an order dated July 5, the SEC Enforcement and Investor Protection Department (EIPD) found that Wellcons has been publicly offering and selling securities without the necessary secondary license from the commission. In doing so, Wellcons committed an ultra vires act under Section 44 of Republic Act No. 11232, otherwise known as the Revised Corporation Code of the Philippines. The company's activities also constituted serious misrepresentation as to what it can do, to the great prejudice of or damage to the general public, a ground for the revocation of a corporation's certificate of registration under Presidential Decree No. 902-A, according to the order. The commission has warned the public against investing in Wellcons on February 2, through an a ....
MANILA - The Securities and Exchange Commission (SEC) has ordered Wellcons Unlimited Systems, Inc. to stop offering investment packages to the public without the necessary license from the Commission. In an order dated June 23, the Commission en banc directed Wellcons to immediately cease and desist from engaging in the unlawful/unauthorized solicitation, offer and/or sale of securities until it has filed the requisite registration statement and secured the necessary approval from the SEC. Wellcons, its president Merarie Pailagao, as well as its officers, operators, administrators, promoters, representatives, salesmen, agents, investment team planners, mentors, enablers, influencers, assigns, conduit entities, and subsidiaries have also been ordered to stop their investment solicitation activities, as well as to immediately cease their internet presence related to their unauthorized investment scheme. They have also been prohibited from transacting any business involving funds in Wellc ....
WAGE HIKE. The Department of Labor and Employment (DOLE) regional office in Tacloban City. The wage board led by DOLE said on Friday (June 24, 2022) the new wage order granting a PHP50 daily minimum wage hike to more than three million workers in the private sector in Eastern Visayas will take effect on June 27.(File photo) TACLOBAN CITY - The new wage order granting a PHP50 daily minimum wage hike to more than three million workers in the private sector in Eastern Visayas (Region 8) will take effect on June 27. Regional Tripartite Wages and Productivity Board (RTWP) chairman Henry John Jalbuena said in a statement on Friday the new wage rate will take effect 15 days after its publication in a local newspaper last June 13. The increase will be implemented in two tranches - PHP25 for the six months upon the effectivity of the new wage order and additional PHP25 after seven months or on Jan. 2, 2023. The new order was signed by the regional wage board on June 6 and approved by National W ....
MANILA - Private sector workers in all 16 regions of the country will have their salaries hiked following the issuance of orders by their respective regional wage boards which would all take effect this June, the Department of Labor and Employment (DOLE) said Wednesday. In a news release, Labor Secretary Silvestre Bello III said the wage orders that will be effective before the end of June are in Eastern Visayas, Zamboanga Peninsula, Calabarzon, and Caraga. The PHP35 wage hike in the Zamboanga Peninsula will take effect on June 25 while the PHP50 pay hike in Eastern Visayas will take effect on June 27. Starting June 30, wage hikes will also take effect in Calabarzon and Caraga, where the monthly minimum wage will be PHP4,000. The new minimum wage rates in Eastern Visayas will be PHP345 to PHP375 and PHP338 to PHP351 in the Zamboanga Peninsula and the minimum wage of PHP350 to PHP470 for Calabarzon. Meanwhile, the new minimum wage of PHP533-PHP570 in the National Capital Region (NCR) to ....
SALARY INCREASE. The Department of Labor and Employment regional office in Tacloban City, the agency that chairs the Eastern Visayas Regional Tripartite Wages and Productivity Board (RTWPB). The board on Friday (June 10, 2022) released the order granting a PHP50 daily minimum wage hike to workers in the private sector in Eastern Visayas, to be implemented in two tranches.(DOLE photo) TACLOBAN CITY - The Regional Tripartite Wages and Productivity Board (RTWPB) on Friday released the new order granting a PHP50 daily minimum wage hike to workers in the private sector in Eastern Visayas, to be implemented in two tranches. Under Wage Order No. 22, minimum wage earners will have a PHP25 increase in their daily pay effective 15 days after its publication. The directive will be published on Saturday. The remaining PHP25 raise will be carried out beginning Jan. 2, 2023. The new order was signed by the regional wage board on June 6 and approved by National Wages and Productivity Commission on Fr ....