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SEC PH Warning: Avoid Dealing with Foreign Companies, Organizations, and Entities That Are Not Registered
The Securities and Exchange Commission (SEC) urges the public to be careful when dealing or transacting with corporations or entities that are not licensed or registered in the Philippines.
The SEC has received numerous inquiries regarding the implications of transacting with non-registered foreign corporations and entities whose products or services are reachable in the Philippines through their website or online apps and platforms.
By law, an entity is required to register and obtain a primary registration with the SEC if they intend to conduct business in the Philippines.
A number of these unregistered corporations and entities allow Filipinos to access their online platforms and permit the enrollment, creation, or registration of client accounts through online means despite having no registration or license to do business in the Philippines. In some cases, Filipinos are even targeted by their aggressive online advertisements in various social media networking sites like Facebook, YouTube or Instagram. Such unregistered online platforms include, but are not limited to, the following:
The public is reminded to be vigilant and to do their due diligence prior to transacting/dealing with any entity. The public is also advised to avoid transacting with corporations or entities without any registration or license to do business in the Philippines in order to avoid losing their earnings. If an entity or an activity is unlicensed or unregistered and is based abroad, you run the risk of not getting your money back once these are transmitted outside of the Philippines. However, should you still decide to transact with these entities and use their apps or platforms, the public is informed and advised of the following:
Always remember that in case of doubt as to whether or not it is safe to transact with an online platform or entity, always #CheckWithSEC if the corporation or entity is registered or not. The SEC’s website, www.sec.gov.ph, provides useful information on company registration, registration statements, secondary licenses, advisories, investor protection and investments. At the SEC, you may send your queries or concerns via email to the PhiliFintech Innovation Office at email@example.com
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ABOUT THE BLOGGER
Hi, I'm Ralph Gregore Masalihit!
An RFP Graduate (Registered Financial Planner Institute - Philippines).
A Personal Finance Advocate. An I.T. by Profession. An Investor. Business Minded. An Introvert. A Photography Enthusiast. A Travel and Personal Finance Blogger (Lakbay Diwa and Kuripot Pinoy).
Currently, I'm working my way toward time and financial freedom.