DAVAO CITY (MindaNews / 04 December) — The Securities and Exchange Commission (SEC) has warned the public against investing in mobile investment application Cashbaka. In an advisory, the SEC …
DAVAO CITY — The Securities and Exchange Commission has warned the public against investing in mobile investment application Cashbaka.
The app entices the public to invest by purchasing virtual cows on its online platform for a promise of receiving 150% to 200% interest within 30 days, including a return of capital within 15 days.Through this scheme, investors are promised to receive monthly incomes of P750, P3,060, and P8,820 for their investment of P500, P1,700, and P4,200, respectively.
Section 8 of the Securities Regulation Code provides securities “shall not be sold or offered for sale or distribution within the Philippines, without a registration statement duly filed with and approved by the Commission.”
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