In the Matter of North East Luzon Foundation, Inc.

[CED CASE NO. 03-2771. July 3, 2013.] SEC Admin Case No. 01-08-91 IN THE MATTER OF NORTH EAST LUZON FOUNDATION, INC. ORDER On May 31, 2013, an Order was issued by this Department directing NORTH EAST LUZON FOUNDATION, INC. (NELFI) to show-cause within a non-extendible period of ten (10) days from receipt hereof why NELFI, its directors and officers, should not be held in contempt of the Commission for continuing its operations and soliciting membership fees, funds or contributions from the public in defiance of the 26 August 2010 Decision of the Commission En Banc revoking the Certificate of Registration of NELFI. In the said Order, NELFI, its directors, officers, members, agents, representatives and any and all persons acting for and in its behalf, were further directed to immediately cease from soliciting membership fees or other forms of financial contributions from the public. On June 18, 2013, the President/CEO of NELFI, Germinigildo A. Asoy , filed with this Department a COMPLIANCE (With the Show-Cause Order dated May 31, 2013) stating therein, among others, that he shall endeavor that his tenure as President now will solely be to preside over the winding up the affairs and business of NELFI. In said COMPLIANCE, Mr. Asoy further claimed that if some people have misrepresented or have recruited membership for NELFI, the same were not authorized or tolerated by him. CIETDc In view of the foregoing and without prejudice to any further action which the Commission may take against NORTH EAST LUZON FOUNDATION, INC. and its directors, officers, members, agents, representatives and any and all persons acting for and in its behalf, the President/CEO of NORTH EAST LUZON FOUNDATION, INC., Mr. Germinigildo A. Asoy , is hereby ORDERED to submit proof of winding up of the affairs of NORTH EAST LUZON FOUNDATION, INC. within a non-extendible period of thirty (30) days from receipt hereof. SO ORDERED. EDSA, Greenhills, Mandaluyong City, Metro Manila. July 3, 2013. (SGD.) LEILA T. LAURETA-AGUSTIN Assistant Director Compliance and Enforcement Division