Trades & Labor SECURITIES AND EXCHANGE COMMISSION

SHOW CAUSE LETTER; Dated Oct. 14 2019.

Front of envelope.

First post mark front upper right hand corner; Bacolod City, dated Nov.13, 2019. It took them one month, (30 days), just to get this letter in an envelope and to the post office.

Second post mark lower left hand corner, front; REGISTERED MAIL, DATED NOV. 13, 2019. # RE 131 550 527 ZZ. It was registered the same day it was post marked.

Back of envelope

Third post mark, back of envelope, Nov. 14 2019 The date is all that is readable.

Forth post mark is, Nov. 19. And the date is all that is readable.

Fifth post mark is, Nov. 21, 2019 Valencia.

I stopped at the Valencia Post Office and picked it up on Dec. 27 about 15:00 hours. I only stopped because I was looking for other mail.

It took the SECURITIES AND EXCHANGE COMMISSION from Oct. 14 to Nov. 13 just to get it in the mail, (30 DAYS). Another 38 days to reach me and that is only because I stopped at the post office and picked it up.

This letter states that we have 15 days to respond. It took about 9 weeks to get to me from the other side of Negros, (a 6 hour drive). It also states that, late fees and penalties are already being levied on us.

We spent more that 200,000 pesos and 2 years getting this Corp. up and running. We closed it once we discovered that we would have to brake Philippine law in order to get past CUSTOMS. We chose NOT to brake the law and dissolved the Corp.

It's more fun in the Philippines, as long as you do not try to employee any Filipinos. Screw it, I came here to RETIRE any way! It's still more fun in the Philippines.

 

You can usually negotiate a "settlement" price with them, which is not a bribe, just a fair amount to get what you need done. All gov agencies are just showing you "by the book" on their first communication how much you would owe/fined, but its usually much less once you engage with them. The problem is, that since you have neglected it, there are more agencies then just SEC that need a settlement, BIR, DOLE, SSS, Pagibig, Philhealth all need to be closed out. Ask the person who setup your corp if they have contacts in the agencies that can help negotiate a closing price for you, dont go to a laywer, most accountants should know a former "batch mate" that works in the agency.