To Whom It May Concern:

We, the United Seataoo Sellers of the Philippines, hereby formally protest the misapplication of anti-money laundering rules and protocols that are preventing our rightfully earned funds from being deposited into our bank accounts.

This situation has arisen due to a sweeping advisory issued by the Anti-Money Laundering Council (AMLC) to the banking community, instructing them not to process any transfers from Seataoo to its Sellers. This advisory was triggered by the Securities and Exchange Commission's (SEC) careless revocation of New Seataoo Corporation's license to operate its dropshipping platform.

About Seataoo's Business Model
Seataoo operates a fully integrated dropshipping business model with the following key features:

1. Inventory Management: The company maintains an inventory of products, primarily sporting goods and equipment, in warehouses located in Bulacan, near the future New Manila International Airport currently under construction, as well as in locations abroad. This signifies the company's long-term vision. https://www.youtube.com/watch?v=UMNiAwfwrfQ
2. Marketing Strategy: Products are aggressively marketed to US and EU customers through large LED screens / billboards in urban centers. https://youtube.com/shorts/leFSGhm_CQc
3. Order Processing: Sellers process subsequent orders using their virtual wallet balance, preferably on a daily basis to maximize income. Seataoo allows a 55% Order Processing Rate threshold, which benefits Sellers, especially those with limited capital.
4. Cost-Effective Operations: The integrated system allows both Sellers and New Seataoo Corporation to reduce operational costs, negotiate better deals with manufacturers, prevent non-standard online marketing methods (such as spamming), and maintain high product quality, ensuring platform customer loyalty.
5. Reasonable Profit Margins: Seataoo's profit margins range from 7% to 12%, which are significantly lower than the 40% or higher returns typically associated with investment scams. 

Simply put, there's absolutely no need for Seataoo to scam anyone through its dropshipping platform.

Comparison with Other eCommerce Models
Seataoo's profit-sharing structure and innovative business model offer several advantages over traditional eCommerce platforms:

1. No Subscription Fees: Unlike other platforms, Seataoo doesn't require Sellers to pay monthly subscription fees to promote inventory.
2. No Marketing Costs: Sellers are not responsible for paying for product marketing ads.
3. Full Account Control: Sellers have complete control over their accounts, unlike some dropshipping services that limit access.
4. No Sales Commissions: Seataoo doesn't charge additional sales commissions on top of fund withdrawal fees.
5. Integrated Systems: Seataoo features fully integrated inventory, marketing, logistics, and customer support systems, reducing competition among Sellers and simplifying operations.
6. Affiliate Program: Sellers can organize their own affiliate systems and earn additional 3% commission on sales (based on, but not deducted from, the new affiliate Sellers' sales revenue. This commission is paid by Seataoo as compensation for training new Sellers).

Concerns Regarding Government Actions
We strongly believe that the actions taken by the SEC and AMLC against New Seataoo Corporation are unwarranted and are causing severe harm to the very people these agencies are meant to protect.

Our concerns include:

1. Lack of Evidence: The SEC's decision appears to be based on weak evidence, such as a sales invoice with masked customer information, which is standard practice for privacy compliance in international markets. Watch the full dissection of the Revocation Order here.
2. Mischaracterization of Business: There is no indication that Seataoo is engaged in selling shares of stocks or treasury bonds,  nor have offered any investment contracts with its Sellers, which seem to be the basis of the SEC's action.
3. Disproportionate Impact: The current situation is causing extreme distress among Sellers, with at least one individual (an OFW) reportedly contemplating suicide due to financial pressures.
4. Hindrance to Financial Progress: Many Seataoo users are Overseas Filipino Workers (OFWs) seeking financial security and the ability to return home. The current actions are impeding their legitimate efforts to recover their capital and profits.

What confuses the Sellers the most is the Securities and Exchange Commission's contradictory statements made to the media, and to the Sellers. The SEC appears to be presenting different narratives depending on their audience:

• Public Media Stance: The SEC claims to be willing to resolve issues with Seataoo. They state that all Seataoo needs to do is inform the SEC about their scheduled reimbursement of sellers' funds.
• Communication with Sellers: When interacting with Seataoo sellers directly, the SEC's approach changes dramatically. They are encouraging sellers to file charges against Seataoo, accusing the company of running an investment scam and committing estafa (fraud).

However, no Seller has ever found any proof supporting those allegations by the SEC. Even the National Bureau of Investigation (NBI) has concluded that Seataoo is indeed not a scam.

Our Requests
In light of these concerns, we respectfully request the following actions:

1. Lift the Ban on Deposits: We ask the SEC and AMLC to lift the effective ban on all Seataoo deposits into our bank accounts, as these funds rightfully belong to the Sellers.
2. Protect Sellers' Interests: The SEC and AMLC's primary objective should be to ensure the earliest return of the Sellers' funds from Seataoo's bank account, and not misappropriate them to any third party, thereby protecting the interests of all platform users. Instead, the SEC induced us to individually file cases against Seataoo that we cannot substantiate. Our access to our funds was only cut off after the SEC issued its Revocation Order against Seataoo, not before.
3. Review and Reconsider: We urge the SEC to review and reconsider its decision to revoke Seataoo's license, taking into account the legitimate nature of its business model and the lack of substantive evidence of wrongdoing. Watch the full dissection of the Revocation Order here.

We believe that these actions will align with the true mandate of government agencies to protect and serve the interests of the Filipino people.

Respectfully submitted,

United Seataoo Sellers of the Philippines

CC (once a 10% of the 200,000 Seataoo Sellers have signed):

• Anti-Money Laundering Council (AMLC)
• Bangko Sentral ng Pilipinas
• Office of the Vice-President
• Office of the Ombudsman
• Overseas Workers Welfare Administration (OWWA)
• Public Attorney's Office
• Securities and Exchange Commission (SEC)