The Securities and Exchange Commission (SEC) has recently issued an advisory (as seen below) on HNP – HÖGPONG NG PAGTUTULUNGAN , 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 not to invest or stop investing in any investment scheme offered by the said entity, its representatives or any entities engaged in schemes which promises ridiculous rates of return with little or no risks.
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 hereby warns the public that HNP – HÖGPONG NG PAGTUTULUNGAN is offering loan services to the public and soliciting investments without the appropriate registration and authority from the Commission.
According to information gathered by the Commission, HNP – Högpong ng Pagtutulungan, founded by its CEO, Nacsonin Canopin, was initially enticing the public, specifically seafarers, to take out personal and business loans which they offer as a form of “assistance” to the financial needs of said seafarers. They later also offered said services to employees of shipping companies and even private entity employees.
HNP – Högpong ng Pagtutulungan offers the following loanable amount: Php20,000.00, Php50,000.00 and Php80,000.00 with an interest rate of 3%-5% monthly. A member may also invite or refer prospective
clients to avail of the loan services and earn commission for every successful invite. However, an invited client must first pay a membership fee of Php1,000.00 to be able to take out a loan. The said membership fee is divided
between the company and the one who referred the client as his/her commission. Once the loan is fully paid, the one who referred the client will again receive a commission from the loan payments and the recruit may now
become an investor by investing a minimum amount of $400.00 with a guaranteed 5% monthly income or 60% profit share annually without doing anything.
Below are the entity’s online posts enticing and inviting the public to invest.
Records of the Commission show that HNP – Högpong ng Pagtutulungan is not registered as a corporation which is a requirement before a secondary license or a Certificate of Authority to Operate as a Lending/Financing
Company is issued. Accordingly, HNP –Högpong ng Pagtutulungan, operates as a lending or financing company without the necessary registration and license from the Commission which is a clear violation of the Lending Company Regulation Act of 2007 which provides that a lending company shall be established only as a corporation and that no lending company shall conduct business unless granted an authority to operate by the SEC.
HNP – Högpong ng Pagtutulungan is likewise not authorized to offer its investment scheme to the public, which constitutes securities, without a registration statement duly filed with and approved by the Commission under Section 8.1 of the Securities Regulation Code.
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, March 19, 2014).
Violators are further warned that aside from the strict penalties imposed by the Commission for violations of the SRC, the Revised Corporation Code of the Philippines, the Lending Company Regulation Act, and such other rules
and regulations it enforces, the Bayanihan to Heal as One Act (Republic Act No. 11469) also punishes those participating in cyber incidents that make use or take advantage of the current crisis situation to prey on the public through scams, phishing, fraudulent emails, or other similar acts.
In view thereof, the public is hereby advised to exercise caution in dealing with any individual or group of persons offering loan services and investment opportunities on behalf of HNP – Högpong ng Pagtutulungan. The public is further advised NOT TO INVEST or to STOP INVESTING in the investing scheme offered by the subject entity or any of its representatives.
Should you have any information regarding the operations of the subject entity, please send your report to the Enforcement and Investor Protection Department at firstname.lastname@example.org.
For the guidance of the public.
Pasay City, 01 September 2020.