The Securities and Exchange Commission (SEC) has recently issued an advisory (as seen below) on THE PHILIPPINES GOOD SAMARITAN RIDERS ASSOCIATION, warning the public of the individuals and groups involved in such activities. The advisory defines the activities behind the scheme, and advises the public to take precautions in joining or investing in these groups.
In support of this view, Coins.ph does not endorse or is affiliated in any way with such activities or products. Moreover, we have a zero tolerance policy on fraudulent activities and potentially scamming practices. In a separate article, we have enumerated tips on how you can avoid investment schemes and other online scams. We urge our customers to be extra diligent with their funds and to act within our User Agreement.
The Commission has received numerous reports regarding the activities of an entity named
THE PHILIPPINES GOOD SAMARITAN RIDERS ASSOCIATION (TPGSRA), INC./THE GOOD
SAMARITAN RIDERS CLUB.
Based on the information gathered by the Commission, THE PHILIPPINES GOOD
SAMARITAN RIDERS ASSOCIATION (TPGSRA), INC. /THE GOOD SAMARITAN RIDERS CLUB has
been soliciting investments from the public guised as “donations”. The scheme is presented as
1. Deposit or send donation amounting to Eight Thousand Pesos (P8,000.00) to the
depository bank or any money padala outlets or to the program coordinator or directly to the
Association and become the sponsor of someone wishing and needing a motorcycle. The “donor” is
now qualified to be a recipient of a brand new and branded motorcycle.
2. Look for two (2) sponsors to do the first step as indicated above and receive a financial
assistance amounting to Five Thousand Pesos (P5,000.00) as down payment for the brand new and
3. The Association will continue assisting financially by paying the monthly dues in the
amount of Three Thousand Pesos (P3,000.00) for the first two (2) months. In the event that the
amount of down payment and monthly dues are greater than what has been provided, the donor
will pay the excess amount. Furthermore, the Association will pay the monthly due for thirty-six
(36) months depending on the number of donors and sponsors the donor will have in his/her
The public is hereby informed that based on the records of the Commission, THE
PHILIPPINES GOOD SAMARITAN RIDERS ASSOCIATION (TPGSRA), INC./THE GOOD
SAMARITAN RIDERS CLUB is registered with the Commission ONLY as a corporation under the
Corporation Code of the Philippines but NOT authorized to offer, solicit, sell or distribute any
investment/securities. Such activities require a Secondary License from the Commission and the
securities or investment product should likewise be registered with SEC before they can be offered
or sold to the public under Sections 8 and 12 of the Securities Regulation Code (SRC).
Those who act as salesmen, brokers, dealers, or agents of THE PHILIPPINES GOOD
SAMARITAN RIDERS ASSOCIATION (TPGSRA), INC./THE GOOD SAMARITAN RIDERS CLUB in
selling or convincing people to invest in the investment scheme being offered by THE PHILIPPINES
GOOD SAMARITAN RIDERS ASSOCIATION (TPGSRA), INC./THE GOOD SAMARITAN RIDERS
CLUB including doing solicitations or recruitment through the internet may likewise be prosecuted
and held criminally liable under Section 28 of the SRC and penalized with a maximum fine of FIVE
MILLION PESOS (P5,000,000.00) or a maximum penalty of TWENTY ONE (21) years imprisonment
or BOTH pursuant to Section 73 of the SRC.
Accordingly, those who invite or recruit other people to join or invest in this venture or
offer investment contracts or securities to the public may be held criminally liable or accordingly
sanctioned or penalized, in accordance with the Supreme Court decision in the case of SEC vs.
Oudine Santos (G. R. No. 195542, 19 March 2014).
Furthermore, the names of all those involved will be reported to the Bureau of Internal
Revenue (BIR) so that the appropriate penalties and/or taxes be correspondingly assessed.
In view of the foregoing, the public is hereby advised to exercise self-restraint from
investing their money into such high-yield, high-risk investment scheme and to take the necessary
precaution in dealing with individuals representing the above-named entity.
Should you have any information about the business operations of THE PHILIPPINES
GOOD SAMARITAN RIDERS ASSOCIATION (TPGSRA), INC. /THE GOOD SAMARITAN RIDERS
CLUB, please call the Enforcement and Investor Protection Department at telephone numbers 818-
6047 or the SEC-Cebu Extension Office at Tel. No. (032) 253-5337 or (032) 253-6987.
For the guidance of the public.