Senate President Aquilino “Koko” Pimentel III on Monday, Jan. 29, hit a new cryptocurrency racket that uses his name and that of the Senate to attract victims.
Digital Currency Co. Ltd (DCC) claimed that it has partnered with the Senate of the Philippines for the release of a virtual currency called the Philippine Global Coin (PGC), using pictures of the Senate chief to buttress its claims.
“There is no partnership between me and DCC, or the Senate and DCC. I met with these people as a matter of courtesy to visitors. I am shocked at their bold claims of an agreement between us using pictures that politicians normally have with visitors,” Pimentel said in a statement.
Pimentel explained that the Senate cannot issue currency as it is the mandate of the Bangko Sentral ng Pilipinas. The lawmaker said he is concerned that DCC might target OFWs, putting their hard-earned savings at risk.
He said, “I ask our OFWs to be wary of those who use the names of government officials and institutions in investment schemes. The government will never engage in activities that will profit off their sacrifices and hard work. Always check with the Philippine Embassy to verify individual claims of this nature.”