Teresita Manzala, chair of the Professional Regulations Commission (PRC), has accused five prominent doctors of committing fraud to secure approval for a corporation that they set up.

Leo Olarte, Bu Castro, Rey Melchor Santos, Oscar Tinio and Jose Asa Sabili allegedly forged Manzalas signature so their corporation could be approved by the Securities and Exchange Commission (SEC).

Olarte is the current president of the Philippine Medical Association (PMA), while the others are past presidents of the group.

The SEC has revoked the registration of the Philippine Society for Stem Cell Medicine Inc. (PSSCM), the company the five doctors registered.

Criminal and administrative charges may be filed against Olarte et al. for allegedly forging the PRC heads signature.

PSSCMs stated purpose is to organize and operate an organization that will advocate the development and propagation of stem cell technology, including but not limited to information dissemination, research, fora, seminars and other related activities to support the above-mentioned.

After receiving the PSSCM application, the SEC asked its incorporators to submit a favorable endorsement from the PRC because of the medical nature of the proposed company.

Complying with the SEC order, the incorporators submitted a document which bore the signature presumed to be that of PRC Chair Manzala.

The document states the PRC went over the provisions of PSSCMs articles of incorporation and found these consistent with the PRC Modernization Law of 2000.

On the basis of the alleged endorsement, the SEC approved the application.

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Doctors charged with fraud