The Securities and Exchange Commission (SEC) has recently issued an advisory (as seen below) on SENIOR CITIZEN AND ELDERLY WELFARE CLUB OF THE PHILIPPINES, INC., 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 SENIOR CITIZEN AND ELDERLY WELFARE CLUB OF THE PHILIPPINES, INC. (SCEW).
Based on the information received and verified by the Commission, the said entity sells SCEW cards which resemble that of the senior citizen’s ID card issued by the government, amounting to Php350.00 – Php600.00 per card to people aged 40 to 59 years old, without any authority from the Office of the Senior Citizens Association (OSCA). Through the representation of its president, MR. RESTITUTO PEREZ, JR., the holders of these IDs would be able to avail of the discounts and privileges of the senior citizens to the detriment of the establishments which are mandated to honor the senior citizen’s card.
The distribution of the SCEW cards is already widespread, with around 140 satellites all over the country, thus, yielding to more numbers of persons believing that they would be able to avail of the discounts only available to senior citizens.
The public is hereby informed that based on the records of the Commission, SENIOR CITIZEN AND ELDERLY WELFARE CLUB OF THE PHILIPPINES, INC. is registered with the Commission as a non-stock corporation with the purpose of initiating and promoting a healthy and harmonious association to junior citizens aged 40 to 59 years old. It does NOT include in its purpose the issuance of membership cards that offer to members the discounts and privileges available for senior citizens under Republic Act 9994 otherwise known as the Expanded Senior Citizens Act of 2010.
In view of the foregoing, the public is hereby advised to take the necessary precaution in dealing with SENIOR CITIZEN AND ELDERLY WELFARE CLUB OF THE PHILIPPINES, INC. or its representatives and not to believe in any of its misrepresentation that the SCEW cards may be used as discount cards and that its members may be entitled to the benefits and privileges given to senior citizens under the law.
Should you have any information regarding the operation of the subject entity, please call the Enforcement and Investor Protection Department at telephone numbers 818-6047.
For the guidance of the public.