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The Securities and Exchange Commission wishes to announce to the public that SEASHORE BEACH CLUB INC. (“SEASHORE”)has entered into a settlement agreement with the Commission.On 15 July 2020, an Advisory against SEASHORE was postedat the SEC website, warning the public against SEASHORE’S investment solicitation activities.On 20October 2020, a show-cause order was issued by EIPD directing SEASHORE BEACH CLUB INC to explain in writing why they should not be penalized to pay an administrative fine for violation of Sections 8.1. and 28 of the Securities Regulation Code (SRC) and its correspondingprovisions under the 2015 SRC Implementing Rules and Regulation and in relation to SRC Rule 26.3.5 was issued.On 18 November 2020, SEASHORE submitted an offer of settlement amounting to Php3,670,000.00 or equivalent to 50% of the imposable penalty.In its meeting on 22 December 2020, the Commission En Bancresolved to approve the offer of settlement of SEASHORE. The approved proposal of SEASHORE states that the 30% down payment shall be paid immediately upon approval of the offer of settlement. The remaining 70% balance of the approved settlement offer amounting to Php2,545,000.00 shall be paid in 6 equalmonthly instalments through the issuance of post-dated checks (PDCs) datedevery last Monday of the month, as follows:
29 March 2021424,166.66726 April 2021424,166.66731 May 2021424,166.66728 June 2021424,166.66726 July 2021424,166.66730 August 2021424,166.667TOTAL 2,545,000.00In compliance therewith, the 30% down payment amounting to ONE MILLION ONE HUNDRED TWENTY-FIVE THOUSAND PESOS (Php1,125,000.00) was paid by SEASHORE on 09 February 2021. WHEREFORE, premises considered, the above-captioned case is now deemed settled without determination of guilt on the part of SEASHORE BEACH CLUB INC. Accordingly, the SEC Advisory issued against SEASHORE BEACH CLUB INC. is hereby LIFTED. The settlement agreement shall be effective only upon full payment and upon public disclosure thereof on the Commission’s website.SO ORDERED.18 February 2021, Pasay City, Philippines