Philippines dissolves PHILBIO Renewable Energy Resources for illegally selling securities

In the Philippines, PHILBIO Renewable Energy Resources Corp. has been busted by the Securities and Exchange Commission and had its business registration revoked for selling securities in a purported biodiesel project without having the right to do so. The company told investors they would receive 180% returns on their investments per year. Questions about the project’s legitimacy go back as far as 2009. The mayor of the town where the project was intended for development has been informed of the company’s forced dissolution.