September 8, 1999
SEC MEMORANDUM CIRCULAR NO. 19-99
YEAR 2000 STATEMENT
WHEREAS, the Commission on 06 October 1998 has issued Memorandum Circular No. 9, Series of 1998 re: Year 2000 ("Y2K") Compliance. In furtherance therewith, the Commission finds it urgently necessary to sustain the efforts of the pre-need companies to become Y2K ready before the turn of the century and likewise maintain the planholders' trust and confidence in the Philippine economy; cdlex
WHEREAS, business entities are required to disclose material (forward-looking) information that will virtually affect investment decision. Planholders should be informed of the company's Y2K status through the eyes of the management;
WHEREAS, pursuant to R.A. 8747 otherwise known as the "Philippine Year 2000 Disclosure and Readiness Act," the Commission, in accordance with its mandate to protect public interest and the investing public, shall assist the Presidential Commission on Year 2000 Compliance in its awareness drive; and
WHEREAS, it is imperative to address the apprehensions among planholders on Y2K issues, namely: a) the planholders' risks involved, b) projected company's operational losses, c) contingent liabilities or civil damages, and d) business...
