In re The Seashore Beachclub, Inc.

February 18, 2021 ENFORCEMENT AND INVESTOR PROTECTION DEPARTMENT IN THE MATTER OF THE SEASHORE BEACHCLUB, INC. ("SEASHORE") ORDER The Securities and Exchange Commission wishes to announce to the public that THE SEASHORE BEACH CLUB, INC. ("SEASHORE") has entered into a settlement agreement with the Commission. On 15 July 2020, an Advisory against SEASHORE was posted at the SEC website, warning the public against SEASHORE'S investment solicitation activities. On 20 October 2020, a show-cause order was issued by EIPD directing SEASHORE to explain in writing why they should not be penalized to pay an administrative fine for violation of Sections 8.1. and 28 of the Securities Regulation Code (SRC) and its corresponding provisions under the 2015 SRC Implementing Rules and Regulations and in relation to SRC Rule 26.3.5 was issued. On 18 November 2020, SEASHORE submitted an offer of settlement amounting to Php3,670,000.00 or equivalent to 50% of the imposable penalty. In its meeting on 22 December 2020, the Commission En Banc resolved to approve the offer of settlement of SEASHORE. The approved proposal of SEASHORE states that the 30% down payment shall be paid immediately upon approval of the offer of settlement. The remaining 70% balance of the approved settlement offer amounting to Php2,545,000.00 shall be paid in 6 equal monthly instalments through the issuance of post-dated checks (PDCs) dated every last Monday of the month, as follows: 29 March 2021 424,166.667 26 April 2021 424,166.667 31 May 2021 424,166.667 28 June 2021 424,166.667 26 July 2021 424,166.667 30 August 2021 424,166.667 TOTAL 2,545,000.00 In compliance therewith, the 30% down payment amounting to ONE MILLION ONE HUNDRED TWENTY-FIVE THOUSAND PESOS (Php1,125,000.00) was paid by SEASHORE on 09 February 2021. WHEREFORE , premises considered, the above-captioned case is now deemed settled without determination of guilt on the part of THE SEASHORE BEACHCLUB, INC. Accordingly, the SEC Advisory issued against THE SEASHORE BEACHCLUB, INC. is hereby LIFTED . The settlement agreement shall be effective only upon full payment and upon public disclosure thereof on the Commission's website. SO ORDERED . February 18, 2021, Pasay City, Philippines. (SGD.) ATTY. OLIVER O. LEONARDO Officer-in-Charge Enforcement and Investor Protection Department Securities and Exchange Commission