June 16, 1998
BSP CIRCULAR LETTER
| TO | : | All Banks |
| SUBJECT | : | Bank Drafts in Favor of Future Strategies |
Attached for your reference and guidance is a copy of the letter dated May 20, 1998 of Mr. Perfecto R. Yasay, Jr., Chairman, Securities and Exchange Commission (SEC) requesting the Bangko Sentral ng Pilipinas to issue a circular addressed to all banking institutions directing them not to issue bank drafts in favor of Future Strategies so that the cease and desist order dated February 25, 1998 against said firm may be enforced and SEC's task to protect the public may be carried out.
(SGD.) EDGARDO P. ZIALCITA
Officer-in-Charge
May 20, 1998
Hon. Gabriel Singson
Governor
Bangko Sentral ng Pilipinas
Maynila
S i r :
On February 25, 1998, this Commission issued a Cease and Desist Order against PENTAGONO (Future Strategies Slr.) with a directive to the effect that "any and all persons acting for and on behalf or participating thereat are hereby ordered to Cease and Desist from further offering distributing, disposing and/or selling certificates, coupons . . . which the Commission consider as "securities" under Section...
