Non-profit organizations like foundations and NGOs are also subjected to profiling and witch-hunt by the Securities and Exchange Commission under SEC Memorandum Circular No. 15 dated 07 November 2018.
Under the pretext of protecting these organizations from money laundering and terrorist financing abuse, they are required to submit to the SEC the: (a) sources of their financing; (b) utilization of their funds; and (c) generally, the activities they undertake.
These detailed mandatory disclosures were not required before and failure to comply could result to the revocation of the organization’s SEC registration.
In conducting investigations and gathering information to determine violation of the mandatory provisions of the memorandum circular, the Commission may “enlist the aid and support and/or deputize any and all enforcement agencies of the Government of the Republic of the Philippines, civil or military as well as any private institution, corporation, firm association or person.”
The scheme violates the following basic rights and fundamental freedoms, among others: association, expression, dissent, pursuit of legitimate advocacies, and the right to privacy.
It is also a crackdown on defense of human rights in which many NGOs and foundations are actively engaged in the wake of the unmitigated bloody war against illegal drugs and the government’s continuing harassment and repressive policies against human rights defenders.
EDCEL C. LAGMAN