In the Matter of North East Luzon Foundation, Inc.

[CED CASE NO. 03-2771. January 22, 2014.] 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 thereof 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. TEHIaA On July 3, 2013, another Order was issued by this Department directing the President/CEO of NORTH EAST LUZON FOUNDATION, INC., Mr. Germinigildo A. Asoy , 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 of said Order. On August 5, 2013, Mr. Germinigildo A. Asoy filed with this Department a COMPLIANCE BY WAY OF EXPLANATION stating therein, among others, that he (Mr. Asoy) is facing a blank wall with respect to the past affairs, financial records of NELFI, for the reason that the past President, specifically Ms. Maristela Y. Tabuan , is still keeping to herself the pertinent records of NELFI, and she has gone without a trace. However, based on the records of the Commission, Mr. Germinigildo Asoy has in his possession sufficient financial records of NELFI to wind up its affairs as evidenced by the Audited Financial Statement (AFS) submitted by NELFI on October 15, 2012 which contains a Comparative Statement of Activities for the years ended December 31, 2011 and 2010. The Statement of Management's Responsibility for Financial Statements attached to the said AFS was signed, among others, by Mr. Germinigildo A. Asoy as Chairman of the Board and Chief Executive Officer of NELFI. 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 given another non-extendible period of fifteen (15) days from receipt hereof to submit a report with supporting documents, on the actions he has taken to close the offices of NORTH EAST LUZON FOUNDATION, INC. and wind up its affairs. SO ORDERED. EDSA, Greenhills, Mandaluyong City, Metro Manila, January 22, 2014. SDAaTC (SGD.) JOSE P. AQUINO Director