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CLO
orders closure of The City Legal Office ordered the closure of an insurance company operating in Dumaguete City without mayor's permit and authority from the Securities and Exchange Commission. Neil Ray Lagahit, city legal officer, said a notice of closure order will be immediately issued against Phil-Asia, which was given five days to voluntarily padlock its office. Lagahit said it is the policy of the city government
to require insurance companies to present certification of good standing
from the SEC, before it is issued a mayor's permit. Clients of Phil-Asia
Care Plans Inc. in Dumaguete and Oriental Negros were advised to file
necessary civil action if they intend to recover their investments,
the CLO said. |
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