THE Securities and Exchange Commission urged the public to take "necessary precaution" in dealing with the Munificence Ministry and to "stop investing" in this kind of investment activity.
Based on the public posts of Munificence Ministry, SEC said it represents that it is registered with the commission under SEC Registration Number CN201328348 and it offers investment to the public with "45 percent payout, 45 percent lock-in 4 months." It also emphasized that both Interdenominational Evangelical Church Ministries Inc. as a religious organization and Munificence Ministry, which operates under the former, are "not authorized to solicit investments from the public and any application for registration to solicit investments shall not be allowed by the Commission under the circumstance."
Moreover, Section 28 of the SRC prohibits any person from engaging in the buying or selling of securities in the Philippines as a broker, dealer, salesman or associated person of a broker or dealer unless registered as such with the Commission.