Registration of Phl stem cell group revoked

MANILA, Philippines - The Securities and Exchange Commission (SEC) revoked the corporate registration of the Philippine Society for Stem Cell Medicine (PSSCM) for submitting fabricated endorsement from the Professional Regulation Commission (PRC).

In a five-page order, SEC acting director Ferdinand Sales said the PSSCM committed fraud in “procuring its Certificate of Incorporation.”

He said that as required under Section 17 of the Corporation Code, the PSSCM submitted a “favorable endorsement” from the PRC to support its application for corporate registration.

But he said the SEC found that the “2nd PRC Indorsement” dated Feb. 20, 2013 submitted by PSSCM was “falsified.”

“Considering the submission of a falsified PRC endorsement, there is fraud in procurement of respondent’s certificate of registration. The falsified document was relied upon by this Commission in approving the registration application of the respondent,” Sales noted.

He added that had the SEC known about such defect early on, “it would have not accepted and approved the registration application of the respondent.”