BSP Warns Public Against Unlicensed 'Bank of Humanity'

The Bangko Sentral ng Pilipinas (BSP) on Tuesday warned the public against transacting with Bangko Maharlika Ltd., which is currently operating under the name "The Bank of Humanity." The central bank stated that the entity is neither licensed, authorized, regulated, nor supervised by the BSP and is not registered with the Securities and Exchange Commission (SEC). The BSP strongly urged the public to verify the legitimacy and regulatory status of entities offering financial products, services, or investment opportunities before entering into any transaction. It also reminded consumers that individuals who deal with unlicensed and unregulated entities may not be protected under laws and regulations governing BSP-supervised financial institutions. The central bank encouraged the public to remain vigilant and report any information or complaints involving Bangko Maharlika Ltd. or "The Bank of Humanity" to the appropriate regulatory or law enforcement authorities. —LDF, GMA News Financial regulation in the Philippines is crucial for protecting citizens' deposits and investments, and for maintaining the stability of the financial system. Unlicensed financial operators can often be involved in fraudulent schemes, leading to significant financial losses for investors and the general public. Such warnings from the BSP aim to enhance public financial literacy and prevent potential harm.