Mr. Murli V. Babani
SEC Opinion • Securities and Exchange Commission • Opinions • Oct 3, 1995
Full text
October 3, 1995 Mr. Murli V. Babani Philippine Multi-Purpose Cooperative of Overseas Workers P.O. Box 54668, Riyadh Saudi Arabia S i r : This refers to your letter dated September 13, 1995 wherein you posed certain queries pertaining to the objectives and proposed registration of the PHILIPPINE INTERNATIONAL MULTI-PURPOSE COOPERATIVE OVERSEAS WORKERS (PICO) which was formed to help in the upliftment of the quality of life of its members. Please be advised that the registration, supervision and regulation over " cooperatives " had been transferred from the Securities and Exchange Commission to the Bureau of Cooperatives Development pursuant Presidential Decree No. 175, as amended, now the COOPERATIVE DEVELOPMENT AUTHORITY pursuant to Republic Act 6938, otherwise known as the Cooperative Code of the Philippines. It is therefore suggested that you address your queries directly to that Office. cdll Very truly yours, (SGD.) FE ELOISA C. GLORIA Associate Commissioner
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