00:00 A Senate inquiry on the People's Initiative to Amend the Constitution reveals the People's
00:05 Initiative for Modernization and Reform Action, or PIRMA, has been non-existent since Feb.
00:11 10, 2004.
00:12 That's the date the Securities and Exchange Commission revoked its registration for failing
00:16 to submit reportorial requirements.
00:19 PIRMA first registered with the SEC on March 12, 1997.
00:24 The SEC says, based on its records, PIRMA has not been submitting its documents for
00:28 registration since 2004.
00:31 In response, PIRMA says it had submitted the corporation's updated email and contact
00:35 persons to the SEC portal just after the Senate held its first inquiry in early February.
00:40 PIRMA spent P55 million for a paid advertisement on the supposed failures of the 1987 Constitution
00:48 with the "help of House Speaker Martin Romualdez."
00:52 Amid questions surrounding the People's Initiative, the Commission on Elections decided
00:55 to stop charter change efforts.
00:57 (bright music)
