On July 16, 2024, the Philippine Securities and Exchange Commission (SEC) stated that it was investigating 193 companies related to illegal Philippine offshore BC operating companies (POGOs) companies that allegedly used the stolen identities of Philippine Navy lieutenants in their registration documents.
The agency said: "Most of the companies involved were founded in 2018, 2019 and 2020. As the Securities and Exchange Commission turns Digital systems, which also speed up investigations, are made easier by the fact that online companies are already in operation.”
When asked whether authorities were taking action to address the problems of the 193 companies, Commission Chairman Emilio B. Aquino ) gave an affirmative answer. He said the ongoing investigation could lead to the withdrawal of company documents if fraud is discovered. Some of the tax identification numbers, or TIN IDs, used in the companies' registration documents were reportedly fake.
"This constitutes fraud in obtaining our certificate of registration, which is grounds for revocation," Aquino added.
