Chairman Emilio B. Aquino should be immediately removed as Chairman of the Philippines Securities and Exchange Commission because Mr. Aquino and related parties have:

• Engaged in a scheme to protect known-to-be illegal lending companies that directly engage in internationally prohibited money laundering and human trafficking activities by:
  • Refusing to intake complaints on the baseless grounds that victims of money laundering and human trafficking must first "talk to and negotiate with" their victimizers before the SEC will investigate.
  • Publishing known-to-be false interest rate details for lending companies and finance companies. While the SEC publicly advertises that lenders may charge rates of 5-60% per annum, many of the lenders, such as Hovono Lending Corporation, list interest rates exceeding 500% per month. Yet the SEC takes no apparent action to fix this ubiquitous and damaging misinformation on their own website.
  • Failing to coordinate with the POEA regarding lending companies and finance companies that directly and indirectly engage in proceeds of predicate money laundering offenses, such as violations of RA 8042, as amended.
  • Failing to coordinate with overseas law enforcement who have active investigations, arrest warranted, and ongoing manhunts or prosecutions for individuals and entities related to companies such as CASH4U Financing Corporation, HOYA Lending Investor Corporation, PJH Lending Corporation, Prosperity and Success Lending Investor Corporation, Nittan Capital Finance Inc, Zazu Lending Investor Corporation, Global Dominion Financing Incorporated, OLM Financing Corporation, 1 2 3 Financing Corporation, Metro Quicash Lending Corporation, Multi-Rich Lending Corporation, E-Cash and Paylite Financing Inc, Jumpjet Lending Company Inc, Familyhan Credit Corporation, Yoursun Lending Company, Lico Lending Investor Corporation, Ceazar Pacific Money Lending Company Limited, Good Hope Lending Corporation, Go Easy Paylite Lending Corp, VIP Cash Lending Corp, Family Financial Management Consultant Co. Ltd and Affiliates, EasyGo Pay Lending, IF Lending Investor Inc, King Ping Lending Company, Good Future Lending and Affiliates, Perapo (Hovono), Kabayan (Summerset Lending Incorporated), Supreme Lending Company Incorporated, Panjobjoban Lending Corporation, and similar lending companies that either finance human trafficking and debt bondage or are using the lending and finance business to launder proceeds of criminal offenses.
  • Acting contrary to international commitments, commitments to FATF, and commitments to the US State Department J-TIP Office such as:
  • Failing to take material action against lending companies and finance companies that submit false information and certifications to the SEC. Many lending companies have submitted signed documents that show they are owned by overseas companies in Hong Kong SAR, Philippines, or New Zealand, however in many cases the overseas companies have already been delisted, dissolved, or deregistered. Despite such, the SEC still allows dissolved entities which are not legally recognized to be owners of various lending and finance companies.
  • Allowing lending companies to confiscate blank checks in order to place victims in situations of forced labor and debt bondage. The lending companies will threaten to bounce the checks in order to fabricate a BP 22 case against borrowers as a means of keeping them in modern day slavery.
  • Other illicit activities, such as requiring prosecution witnesses in criminal cases to engage in bi-lateral communications with suspects, who have often already been arrested by overseas law enforcement.
• Interfering with the fundamental rights of civil protest, petitioning, and freedom of expression by:
  • Making disparaging comments and advisories against various international NGOs that are helping victims of money laundering and human trafficking schemes in an effort to prevent victims from seeking assistance and filing complaints. The Constitution and International Commitments protect the right to protest and seek equality, especially when the issue relates to SEC officials protecting illicit lending and finance companies.
  • Blocking numerous emails of civil society, lawyers, and complainants so as to prevent complaints from being filed to protect illegal lending and finance companies. It is estimated that over 1,000 individuals have been wrongfully blocked from filing complaints because the SEC has engaged in a scorched earth policy of blocking emails and preventing access to SEC complaint mechanisms.
  • Protecting "fixers" and a small circle of friends and attacking media by:
    • Refusing to issue advisories about the following fraudulent pages that use the SEC's logo and likeness without permission:
      • https://www.facebook.com/groups/1438632133184350/
      • https://www.facebook.com/groups/695817357801027/
      • https://www.facebook.com/groups/249040688882140/
      • https://www.facebook.com/groups/144939857297458/
      • https://www.facebook.com/pages/Securities-and-Exchange-Commission/1055482464585055
      • https://www.facebook.com/pages/Security-And-Exchange-Commission-Bldg/372973072749237
      • https://www.facebook.com/pages/Republic-of-the-Philippines-Securities-and-Exchange-Commission/1105920056178753
      • https://www.facebook.com/pages/Security-and-Exchange-Commission-Baguio-City/1831507267175028
      • About 100 lending and finance companies that use the SEC logo, without permission, on various advertising materials, loan agreements, flyers, websites, Facebook pages, etc.
  • Note: If it was not so clearly damaging to Filipinos, the actions of the SEC would almost be comical and manifest almost complete incompetence by SEC leadership. Put very simply, the SEC has created a double standard by:
    • Attacking media outlets, news pages, and civil society for helping people file complaints against illicit lenders; while simultaneously -
    • Protecting the above-mentioned illicit Facebook pages which in many instances, publicly advertise themselves as "fixers" able to bribe SEC staff into issuing licenses or other advantageous government adjudication.

Even if the SEC truly wants to protect Filipinos from illicit companies (which it doesn't, as evidence by the blocking of complaints and lack of material motu proprio investigations), the fact that the SEC managed to place itself in such an embarrassing and clear contradiction and double standard shows the leadership is also politically impaired and blind to the real struggles of the average citizen.
In light of the above, there are a number of remedies that could be made, such as taking action to fix the above listed deficits. However, given the morally corrupt maladministration and backwards thinking of the SEC, it may be better to simply suspend and replace the SEC leadership, if not charge them criminally. In order to push for peace and justice as well as remedies to the SEC's almost universal protectionism of money laundering and human trafficking companies a large number of citizens will be organising additional petitions, protects, and civic events to demand basic justice and the right of expression as guaranteed by law.

Best,
Corruption and Fraud at Philippines SEC