Further to previous advisory on cryptocurrency trading scams, the Philippine Embassy in Seoul wishes to inform the Filipino community in South Korea that the Senate of the Philippines has denied entering into a partnership with Digital Currency Co. (DCC) Ltd. for the release of the virtual currency called "Philippine Global Coin."

Senate President Aquilino "Koko" Pimentel III, in his letter dated 23 January 2018 addressed to Secretary of Foreign Affairs Alan Peter S. Cayetano, has stated his denial following announcements, blog posts and news releases about the alleged partnership, where DCC was promoting the Philippine Global Coin as an initiative of the Philippine Government, enticing Overseas Filipino Workers (OFWs) as investors.

Senate President Pimentel wholly denies the existence of the supposed partnership between the Philippine Senate and DCC and firmly denounces any and all claims of Senate participation in such a venture. Senate President Pimentel further added that any claim that the Senate has entered into a partnership with DCC - a function that is beyond the Senate's mandate - is plainly false and patently misleading.

In light of the foregoing, the Philippine Embassy urges the Filipino public to be vigilant and be wary of novel investment schemes involving cryptocurrency, particularly those promising quick and large returns. The public is advised to deal only with Banko Sentral ng Pilipinas (BSP)-registered virtual currency exchanges. The list of BSP-registered VC exchanges is posted on the BSP website.



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