and Counter-Terrorism Task Force is investigating a foreigner allegedly behind 46 fake corporations registered in Iloilo and other parts of the country.

“We have an ongoing investigation into a foreigner who faked his nationality to form corporations,” said Atty. Joel Lenaming of the Securities and Exchange Commission (SEC) in Iloilo.

The SEC’s main task is to countercheck corporate documents as one of the members of the multi-agency task force.

Of the 46 corporations, the foreigner registered 41 corporations in Iloilo alone. The unnamed foreigner’s corporations listed real-estate, construction, and shipping as among the businesses.

The SEC satellite office in Iloilo was approached by a military intelligence unit when one of the foreigner’s corporations was able to acquire more than 60 hectares of land. Under Philippine law, corporations with foreign nationals as incorporators can only acquire five hectares of property.

Initial information showed that some of the foreigner’s registered corporations had more than P60 million in assets when these corporations only declared an initial capital of only P5 million.

Lenaming said the foreigner seems to be using SEC-registered corporations to acquire properties and easily move money between banks.

The SEC was able to track down information via the Hierarchical and Applicable Relations and Beneficial Ownership Registry (HARBOR), the digital databank with information on people who own and control corporations.

Lenaming said HARBOR can be sued to find illegal activities.