Firstly, the Department of Finance was quick to clarify that the government was in no way involved with the fraudulent investment schemes claiming to have the approval of known government officials. These ads falsely cited the likes of Secretary of Finance Carlos Dominguez III, and even President Rodrigo Duterte himself.
Another fraudulent investment platform that implored similar methods operates under the name “Bitcoin Lifestyle”. The fake ads of this unregistered platform went to falsely claim that President Rodrigo himself “is urging all citizens of the Philippines to learn about Bitcoin Lifestyle quickly to get involved.”
Despite this, there are still several fraudulent investment schemes out there. To supplement their efforts, the SEC has issued public warnings to protect citizens against unlicensed entities soliciting investments from others. Public advisories may be viewed through their official advisories page.