The Bangko Sentral ng Pilipinas (BSP) warns the public especially overseas Filipino workers to exercise caution in investing their hard earned money in ventures for the alleged future establishment of a bank. They should inquire from the BSP whether these groups have valid applications with the BSP for the establishment of a bank. Only the BSP can grant licenses for the putting up of a bank.
It has come to the attention of the BSP that certain groups have been soliciting via the internet and roadshows funds for supposed equity contributions for a bank. Such purpose should have the prior authorization of the Securities and Exchange Commission (SEC) and the BSP to be considered legitimate. It is not sufficient that these groups may have been registered with the SEC. Accordingly, they should have specific authorization from the SEC to solicit funds from the public.
Persons found to be performing unauthorized banking and quasi-banking functions will be subject to penalties provided for under the New Central Bank Act (R.A. No. 7653). Such violations shall be fined by not less than P50,000 and not more than P200,000 and/or by imprisonment of not less than 2 years and not more than 10 years.