THE Securities and Exchange Commission (SEC) has cautioned the public against investing in Meta Advertising Co., saying the entity lacks the necessary license to solicit investments.
In an advisory posted on its website, the corporate regulator said that Meta Advertising Co./Meta Ads Ltd./Meta Ads is allegedly inviting the public to invest money via WhatsApp and Telegram platforms. The entity is reportedly engaged in the tasking and recharging scheme.
The SEC said that the entity is not registered as a corporation or partnership as per its initial verification.
Target investors will be required to like two videos, with a promise of receiving P50 for each like. Once these tasks are completed, they will be given another task, which is to join a group named META and like another video, with a promise of receiving P150.
As posted on the entity’s WhatsApp and Telegram groups, investors can choose from three options after completing each task in a so-called “mission program,” with a minimum of P5,000 up to P46,800. Investors could earn between 60% and 80%, resulting in P3,000 up to P37,440.
“It was further reported that Meta Ads Ltd./Meta Ads via WhatsApp and Telegram, and through the following platform and websites, is inviting the public to put and invest money and to watch ads for a promise of earning money, however upon completion of the tasks, there will be a sudden change of platform and the promised earnings can no longer be withdrawn,” the SEC said. — Revin Mikhael D. Ochave