SEC warns of Davao City groups in membership card scam
DAVAO CITY, Davao del Sur, Philippines — The Securities and Exchange Commission Davao Extension Office (SEC DEO) warns the public of groups reportedly using the names of prominent individuals to lure people into paying for membership cards with the promise of future assistance.
The office has not named the groups as it was still verifying the truth about the reports.
“It has reached our attention that some nonprofit groups in Davao City have been brandishing their registration certificates and collecting money from the people with a promise of future benefits,” the agency said.
It warned that “any form of investment solicitation without a secondary license from the Commission is illegal.”
The office said it decided to come out with the warning after receiving information about groups whose registration it approved but were using “a scheme where people are invited to register with a promise of future gain or assistance.”
The scheme, SEC DEO added, is being perpetrated not only in Davao City but also in other areas nearby.
“The SEC DEO is coordinating with the Davao City Anti-Scam Unit (CASU), the Davao City Business Bureau, and other partner local government units to look into these reports for appropriate actions,” it said.
The agency urged the public to report entities that they suspected are using similar or other schemes that are suspected to be scams.
The CASU said an entity has been enticing people to buy their identification cards for P160 with the promise of assistance from prominent people they were claiming as part of their supporters.
The office said it was waiting for someone to file a complaint against the entity.