The Securities and Exchange Commission (SEC) has recently issued an advisory (as seen below) on MUNIFICENCE MINISTRY, 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 information that MUNIFICENCE MINISTRY, representing itself as a non-profit organization and operating under INTERDENOMINATIONAL EVANGELICAL CHURCH MINISTRIES, INC. with activities in Mindanao particularly in the cities of General Santos and Tagum, is enticing the public through social media to invest by offering generous interest income.
Based on public posts of MUNIFICENCE MINISTRY, it represents that it is registered with the Commission under SEC Registration Number CN201328348 and it offers investment to the public with “45% monthly payout, 45% lock-in 4 months”.
The investment scheme in particular is illustrated as follows:
In the table given, it appears that the “4th Month Saved-in” which represents the
value of investment after the lock-in period of four (4) months is computed as the sum
of the “Entry” or amount invested and its corresponding interest compounded at 45%
for four (4) months.
The public is hereby informed that SEC Registration Number CN201328348
belongs to INTERDENOMINATIONAL EVANGELICAL CHURCH MINISTRIES, INC., a
religious non-stock corporation registered with the Commission as a religious
organization. MUNIFICENCE MINISTRY on the other hand, is not registered with the
Commission as a corporation or partnership.
It is to be emphasized that both INTERDENOMINATIONAL EVANGELICAL
CHURCH MINISTRIES, INC. as a religious organization and MUNIFICENCE MINISTRY,
which operates under the former, are not authorized to solicit investments from the
public and any application for registration to solicit investments shall not be allowed by
the Commission under the circumstance.
Section 8.1 of the Securities Regulation Code (SRC) provides that securities, such
as investment contracts1, shall not be sold or offered for sale or distribution within the
Philippines unless registered with the Commission. Moreover, Section 28 of the
Securities Regulation Code (SRC), prohibits any person from engaging in the buying or
selling of securities in the Philippines as a broker, dealer, salesman or associated person
of a broker or dealer unless registered as such with the Commission.
Accordingly, those who invite or recruit other people to join or invest in this
venture or offer investment contracts or securities to the public maybe held criminally
liable or accordingly sanctioned or penalize in accordance with the Supreme Court
decision in the case of SEC vs. Oudine Santos (G.R. 195542, 19 March 2014).
In view thereof, the public is ADVISED take the NECESSARY PRECAUTION in
dealing with the above-named entity and/or its representatives and to STOP
INVESTING in this kind of investment activity.
If you have invested money or have been invited to invest in MUNIFICENCE
MINISTRY, please report this matter to the Commission’s Head Office or Extension
Offices in order that appropriate action can be taken against the entity and/or
individuals. You may also seek the assistance of our SEC Regional and/or Provincial
Offices located at the following addresses, namely:
1. SEC – Davao Extension Office with office address at SDC Building, Purok 13, Maa
Road, Maa, Davao city or you may call telephone numbers (082) 298-2170 and
2. SEC – Cagayan de Oro Extension Office with address at SEC Building, corner 14th
and Tomasaco Del Lara Street, Cagayan de Oro City or you may call telephone
numbers (088) 857-4325 and (088) 857-7225.