Anti-Money Laundering Council (AMLC) warns vs. HYIP investing



The Philippines' Anti-Money Laundering Council (AMLC), together with the Securities and Exchange Commission (SEC) and the Bangko Sentral ng Pilipinas (BSP), reiterated its warning to Filipinos against investing in so-called High-Yield Investment Programs or HYIPs.

The official statement from AMLC, also circulated by the SEC and BSP, goes:

* * * * * * * * * * * * * * * * * * * *

Anti-Money Laundering Council
Bangko Sentral ng Pilipinas Complex
Manila, Philippines

WARNING

The public is hereby warned against internet-based Ponzi-like investment or pyramid schemes offering high-yield investment programs (HYIPs) to the public.

Investors are lured into these programs because of the promise of huge returns of up to 4.8% daily interest. The program managers of these HYIPs encourage their members to recruit downline investors and earn additional 10% referral fee from each downline investment. These programs normally exist for a period of time and appear to be religiously paying their investors. Thereafter, they will quickly disappear, leaving the investors, particularly those in the downlines, empty handed. The programs’ websites become inaccessible. The losing investors cannot run after the program managers who are either unknown or whose names and addresses, if mentioned in their websites, are usually fictitious.

DO NOT BE FOOLED BY THESE INTERNET-BASED PONZI-LIKE INVESTMENT SCHEMES

Please report immediately any offer of investment made by persons or entities using the aforementioned modus operandi to:

The Anti-Money Laundering Council Secretariat
5/F EDPC Building, Bangko Sentral ng Pilipinas Complex, corner A. Mabini and P. Ocampo Sts., Malate, Manila
Tel. Nos. 523-4421or 536-7358, Fax No. 524-6085
http://www.amlc.gov.ph 

* * * * * * * * * * * * * * * * * * * *

May we just correct the following statement:

Investors are lured into these programs because of the promise of huge returns of up to 4.8% daily interest.

The AMLC should have known by now that it's not just up to 4.8% interest per day but, actually, the sky is the limit when it comes to HYIP returns.

Have they not heard of the program Very High Interest HYIPs which, true to its name, offered very high yields, reaching as much as 950% per day? Yes, 950% per day! Without surprise, the program barely lasted a week.

Autosurf programs that became popular in the past also offered amazing returns. PhoenixSurf.com paid investors 20% yield on their investment after only eight (8) days. Another site, 12DailyPro.com, offered 12% interest daily for 12 days.

Both are now lumped with other closed investment programs in PMT's Scams/Closed Programs Discussion Board.

Some useful reading related to HYIP investing:

About the Author

PSEi support seen at 6,200 and 6,000 amid weaker Peso

In a not-so-surprising move, the U.S. Federal Reserve (Fed) yesterday raised interest rates by 75 basis points (bps) or 0.75% in a bid to tame rising inflation in the United States. This was the third consecutive 0.75% rate hike by the Fed, which brings the federal funds rate, the central bank’s benchmark interest rate, to ... Read more

Official SWIFT Code of BDO, BPI, Metrobank, Philippine banks

When sending cash remittances or wire transfer to a bank account in the Philippines (such as BDO, BPI, Metrobank, Landbank, DBP, etc.), you’ll surely need the SWIFT Code of the bank. Look no further because you can find all the SWIFT Codes you need in this list! Make sure you’re using the right bank code ... Read more
blank

How to Waive your Credit Card Annual Fee (BDO, BPI, Metrobank, RCBC, Citibank, UnionBank)

Without a doubt, one of the most annoying fees that credit cardholders have to pay is the annual fee. Majority of cardholders are familiar with this fee and majority of us likely pay this grudgingly year after year after year. In the case of my credit card with BPI (Bank of the Philippine Islands), I’m ... Read more
blank

Why Filipinos do not become business owners or entrepreneurs

For a majority of Filipinos, entrepreneurship does not seem to be a typical, expected path. This is not surprising, considering that in school, students are primarily taught to become employees after graduation. Students train for years to become staff workers, reporting to a supervisor, and just waiting to receive their wages or salaries every month. ... Read more
blank

My experience investing in Mutual Funds in the Philippines

I started investing in mutual funds when I was 22 years old. As an Overseas Filipino Worker (OFW) then, I was fortunate to be able to save some money at that young age because of my work abroad. One time while I was on vacation in the Philippines, I saw a large billboard in EDSA ... Read more
blank

Income Tax Tables in the Philippines (2022)

The Philippines’ new tax reform bill, known as TRAIN or Tax Reform for Acceleration and Inclusion, was signed into law on December 19, 2017 and its implementation began on January 1, 2018. What are the new income tax rates under the TRAIN law? How will TRAIN affect income taxes of individuals and corporations? How is the ... Read more
blank

PSE Stocks Performance under each Philippine President (1987-2021)

Did you know that Philippine stocks were able to achieve an astounding growth of 800% in a span of 30 years? From 1987 until 2018, the Philippine Stock Exchange index (PSEi) rose from 1,000 points to a peak of 9,000 points — generating a return of 800% over 30 years. (The PSEi is an index ... Read more
blank

SSL 2022: Salary Increases for Teachers, Nurses, Gov’t Employees

Good news to all government employees! There’s a new round of salary increases beginning January 1, 2022! Millions of employees of the Philippine government — including public school teachers, nurses and staff of government hospitals, and workers in local and national government agencies, etc. — will be getting an automatic salary adjustment this 2022 under ... Read more
blank

PSE Trading Hours in 2022: What time open, when closed?

Before you take the plunge into stock trading and investing, make sure you understand what stocks are and how the Philippine Stock Exchange (PSE) operates. Unlike other investments that are relatively safe, stock trading is risky and loss of money is a possibility. So before you deep dive into the exciting world of stock trading, ... Read more

Price Floor and Price Ceiling of PSE Stocks

Trading bands in the PSE come in two forms: Price Ceiling, or the upper price limit, and Price Floor, or the lower price limit.

Leave a Comment