Chief Presidential Legal Counsel Salvador Panelo denied on Saturday that he is currently acting as a lawyer of Masa Mart Business Center (MMBC), which has been engaged in unauthorized investment schemes.
In a press statement, Panelo told the public not to believe in Masa Mart’s modus operandi using his name.
“I have just been informed that a certain entity called Masa Mart is using my name and claiming that I am its lawyer,” he said. “This is another scam. To dispel and eliminate all doubts, I categorically deny any affiliation with Masa Mart. I cannot be its lawyer as I do not even know anybody from it.”
Panelo lamented that the misrepresentation of his name enticed a lot of people to invest in Masa Mart.
He clarified that as the Chief Presidential Legal Counsel, he cannot engage in the practice of law as his only mandate is to provide advice to President Rodrigo Duterte on matters requiring his action and to perform functions that may be directed by the Chief Executive.
“Accordingly, the public is duly warned that any claim that this representation is acting as counsel of Masa Mart, if not malicious, is false,” Panelo said.
Panelo advised the public to report to the police authorities any person from Masa Mart who is using his name.
In an advisory dated Jan. 12, the Securities and Exchange Commission (SEC) warned the public against MMBC’s unlawful investment-taking activities.
Masa Mart was found to be offering a Subscription and Gains Program, which encourages a member to invest at least PHP1,250 to PHP500 million, in exchange for returns of PHP2,746 to about PHP11.65 billion depending on the lock-in period. This entails an interest of up to 30 percent per month or up to 2,561.81 percent per year.
It also offers the MMBC PHP5,888 combo package that allows members to invest PHP5,888 for promised gains of PHP20,000 after six months; and the Do It Yourself Subscription of 24 months Roll-over Program, which let members generate an income of PHP100,000 to PHP12 million after two years.
Masa Mart’s other offers include a referral program and the United Masa Coin or the XUM Coin, which is allegedly a cryptocurrency promoted through a software-controlled app called UmcUSDTBot.
Source: Philippines News Agency