The Philippine Securities and Exchange Commission (SEC) issues two separate public advisories warning against alleged unregistered or unauthorized financial and investment schemes. One advisory cautions the public about CredLadder, an online lending app the SEC says is operating without the regulatory authority required for such activities. The SEC urges consumers to verify a lender’s registration and licensing before dealing with it.
A second advisory flags Pro Fitness Gym Corporation for allegedly enticing the public to invest through a “Gym Co-Ownership” program. The SEC says the program is marketed as an opportunity to co-own the gym business and promises returns described as dividends ranging from 3% to 35% of monthly net income. According to the SEC, Pro Fitness Gym Corporation is not registered or authorized to solicit investments through such a scheme.
Across both advisories, the SEC’s position is that the entities are not properly authorized, and consumers are advised to avoid transacting with them and to check the SEC’s records or verify credentials before investing or borrowing.
