By: Embassy of the Republic of the Philippines, Seoul

The Philippine Embassy in Seoul hereby informs the public of an investigation being conducted by the Securities and Exchange Commission of the Philippines (SEC) on PAYSMART LIMITED PHILIPPINES or "PAYSMART" for possible violation of the Securities Regulation Code.

According to the SEC, PAYSMART is not registered as a corporate or partnership and is not authorized to solicit investments from the public since the company did not secure prior registration and/or license to solicit investments from the SEC as prescribed under Section 8 of the Securities Regulation Code.

PAYSMART is allegedly offering to the public a 30% Return of Investment (ROI) in just 15 days or 60% ROI in 60 days with a minimum investment of USD23 and a maximum of USD9,000. PAYSMART allegedly entices Overseas Filipino Workers to invest in this type of investment scheme.

The Embassy hereby warns the public against engaging in any financial transactions with PAYSMART and reiterates to the public to exercise caution when investing their money especially in dubious schemes that promise huge profits in a very short period of time.

For more information on the matter, you may view SEC's Advisory dated 19 June 2018 at: