The Bangko Sentral ng Pilipinas on Wednesday denied giving any approval to the investment scheme of controversial Kapa-Community Ministry International Inc. (Kapa), saying it does not belong to the bank’s supervised financial institutions.
The BSP in a statement advised the public that it had not released any statement or any issuance concerning Kapa or any of its affiliates.
“Kapa is not a BSP-supervised entity,” the regulator said.
“This clarification is being issued in view of reports, particularly on social media, falsely claiming that the BSP has issued a statement purportedly approving Kapa’s investment scheme or questioning delays on its approval by the Securities and Exchange Commission,” the BSP said.
The SEC issued a cease-and-desist order against Kapa in February this year and an order of revocation of its certification of incorporation in April 2019 after Kapa was found to have been soliciting investments from the public without the necessary license, and that its investment scheme qualified as a fraud and a Ponzi scheme.