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DAVAO CITY, Davao del Sur, Philippines — The Securities and Change Fee Davao Extension Workplace (SEC DEO) warns the general public of teams reportedly utilizing the names of outstanding people to lure individuals into paying for membership playing cards with the promise of future help.
The workplace has not named the teams because it was nonetheless verifying the reality in regards to the reviews.
“It has reached our consideration that some nonprofit teams in Davao Metropolis have been brandishing their registration certificates and amassing cash from the individuals with a promise of future advantages,” the company mentioned.
It warned that “any type of funding solicitation with no secondary license from the Fee is illegitimate.”
The workplace mentioned it determined to come back out with the warning after receiving details about teams whose registration it authorised however have been utilizing “a scheme the place persons are invited to register with a promise of future acquire or help.”
The scheme, SEC DEO added, is being perpetrated not solely in Davao Metropolis but additionally in different areas close by.
“The SEC DEO is coordinating with the Davao Metropolis Anti-Rip-off Unit (CASU), the Davao Metropolis Enterprise Bureau, and different accomplice native authorities models to look into these reviews for acceptable actions,” it mentioned.
The company urged the general public to report entities that they suspected are utilizing comparable or different schemes which might be suspected to be scams.
The CASU mentioned an entity has been engaging individuals to purchase their identification playing cards for P160 with the promise of help from outstanding individuals they have been claiming as a part of their supporters.
The workplace mentioned it was ready for somebody to file a grievance in opposition to the entity.
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