ADVISORY AGAINST ENGAGING IN BUSINESS WITH PAYSMART LIMITED PHILIPPINES

ADVISORY AGAINST ENGAGING IN BUSINESS WITH PAYSMART LIMITED PHILIPPINES

The Embassy informs the public of an investigation conducted by the Securities and Exchange Commission of the Philippines (SEC) against PAYSMART LIMITED PHILIPPINES (“PAYSMART”) for possible violation of the Securities Regulation Code of the Philippines.

Per records of the SEC, PAYSMART is not registered as a corporation or partnership and is not authorized to solicit investments from the public. Allegedly, PAYSMART is offering to the public 30% Return on Investment (ROI) in just 15 days or 60% in 60 days for a minimum US$23 to maximum US$9,000 investment, targeting Overseas Filipino Workers from Israel, Italy, Dubai, and Norway in particular.

The Embassy hereby warns the public against engaging in any business with PAYSMART.

SEC letter re Paysmart