The Securities and Exchange Commission (SEC) in the Philippines has expanded its cautionary list, identifying two more entities potentially involved in investment scams. In its recent advisory, the SEC warned the public against Bny Pal (Benta Paluwagan) and One 1Key Progress. Bny Pal, enticing investors with promises of a minimum 30% profit in just 10 days, offers various “paluwagan” slots without proper computation for returns. Meanwhile, One 1Key Progress Booster Inc. promotes a Power Apps Marketing Business, requiring a P1,000 registration fee and luring investors with a 50% return in 15 days or a 300-400% profit in five to ten days upon a P100,000 investment. The SEC emphasizes the resemblance of these schemes to pyramid or Ponzi structures, cautioning against investing and highlighting their ongoing efforts to protect the public from potential scams. The SEC has previously achieved legal victories against major investment scams, including Kapa Community Ministry International Inc. and pyramid scam queen Rosario Baladjay. As of September 2023, the SEC actively prosecutes 355 individuals involved in 145 cases of securities regulation violations and other related offenses.
