MANILA, Philippines – The Bangko Sentral ng Pilipinas (BSP) on Wednesday denied claims it has approved the investment scheme of Kapa-Community Ministry International, Inc. (KAPA).

“The BSP advises the public that it has not released any statement or any issuance concerning the Kapa-Community Ministry International, Inc. (KAPA) or any of its affiliates,” the central bank said in a statement.

It also stressed that KAPA is not a BSP-supervised entity.

“This clarification is being issued in view of reports, particularly, on social media, falsely claiming that the BSP has issued a statement purportedly approving KAPA’s investment scheme or questioning delays on its approval by the Securities and Exchange Commission (SEC),” the BSP said.

The SEC earlier renewed its warning and urged the public to exercise caution and discernment amid false claims allegedly made by KAPA on social media about securing necessary licenses to resume its operations.

READ: SEC warns public against KAPA’s false claims

KAPA also claimed to have filed an application for a secondary license to sell and offer for sale securities.

“SEC has already issued a cease and desist order against KAPA in February 2019 and an order of revocation of its certification of incorporation in April 2019 after KAPA was found to have been soliciting investments from the public without the necessary license, and that its investment scheme qualifies as a fraud and a Ponzi scheme,” the central bank said.

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