Registration of PH stem cell group revoked

Posted: March 16, 2014 at 9:44 am

MANILA - 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 respondents 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.

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Registration of PH stem cell group revoked

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