The Bangko Sentral ng Pilipinas (BSP) has issued a renewed warning to the public against individuals or groups misusing its name, logo, or that of legitimate financial institutions — this time involving the fraudulent use of the name “UNA Financing Corporation.”
In a public advisory released on October 29, the BSP cautioned the public about an unauthorized entity falsely presenting itself as UNA Financing Corporation, even using the central bank’s logo and the names of its personnel without permission.
The central bank clarified that the legitimate UNA Financing Corporation, which is registered with the Securities and Exchange Commission (SEC), has no connection with the fraudulent entity. The registered company has also issued its own advisories to distance itself from the scam.
Following the advisory, the BSP and the SEC-registered UNA Financing Corp. held a meeting and agreed to strengthen collaboration to protect consumers from fraud and scams. The BSP has also referred the case to the SEC for independent verification and investigation, with both agencies expected to coordinate closely as inquiries progress.
“The BSP reiterates that in performing its official functions, it does not solicit money, request personal or financial information, or offer investment opportunities or loans to the public,” the central bank said.
The incident underscores the growing sophistication of financial scams targeting Filipinos, particularly as digital finance adoption continues to expand. Authorities are urging consumers to verify credentials and check official listings before engaging with financial institutions claiming to be BSP-licensed.
Regulatory vigilance: BSP cancels license of COEX Star
In a separate move to safeguard financial integrity, the Monetary Board (MB), through Resolution No. 928 dated September 18, 2025, affirmed with finality the cancellation of ABA Global Philippines, Inc., operating under the trade name COEX Star, from its registration as a Remittance and Transfer Company and Virtual Asset Service Provider (VASP).
The decision was made in accordance with Sections 901-N and 902-N of the Manual of Regulations for Non-Bank Financial Institutions (MORNBFI).
The cancellation reflects the BSP’s continuing effort to enforce compliance and ensure that financial service providers adhere to regulatory standards, particularly those involved in virtual asset and remittance operations.
Strengthening financial inclusion and investor access
Even as it cracks down on non-compliant entities and fraudulent activities, the BSP is also taking steps to expand access to legitimate financial products for Filipinos, both at home and abroad.
The central bank recently amended its rules to allow Personal Equity and Retirement Account (PERA) Unit Investment Trust Funds (UITFs) to invest in BSP securities, exempting them from previous ownership limits for non-residents.
The change benefits overseas Filipinos, who make up a significant portion of PERA participants. Previously, UITFs could not invest in BSP securities if non-resident ownership exceeded 10 percent of the fund. The new rules lift this restriction for BSP-accredited PERA-UITFs, enabling greater portfolio diversification and long-term retirement growth.
At present, nine out of 13 PERA-UITFs exceed the former ownership limit, effectively barring them from investing in central bank instruments. The policy update now opens this avenue, aligning with the BSP’s ongoing push to strengthen domestic capital markets and develop the private pension system.
“This reflects the BSP’s continued effort to promote financial health and inclusion,” the central bank said, noting that the move allows even small investors to benefit from stable and secure investment vehicles.
A dual approach: Crackdown and inclusion
The BSP’s recent actions — from its warning on the fraudulent UNA Financing entity and the revocation of COEX Star’s registration, to its policy reforms for retirement investments — illustrate a dual approach: tightening oversight to protect consumers while broadening access to legitimate financial opportunities.
As scams grow more sophisticated and digital financial services expand, the central bank has stressed the importance of vigilance, education, and collaboration among regulators, legitimate financial institutions, and the public.
In an era of rapid fintech innovation, the BSP’s message remains clear: the pursuit of financial inclusion must go hand in hand with the protection of consumer trust.
