Monday, May 27, 2019

Purewealth 'registered to operate' in Philippines

PUREWEALTH EBC Corporation chief operating officer Philip Wen Bombita said Thursday, August 9, that their company is registered to operate its business in the Philippines contrary to recent reports.

He said there is no truth to reports released by the Securities and Exchange Commission (SEC) saying that Purewealth EBC Corporation belongs to the five companies who “are not registered to operate in the Philippines” and are “engaged in an online investment scheme that promises returns of up to 25 percent on a weekly basis.”

Both claims are untrue, unfounded and inaccurate because Purewealth EBC Corporation is registered with the SEC and does not offer a 25 percent return on investment per week, contrary to what the report stated, he said.

“We don’t offer investment contracts and investment returns. Purewealth is a start-up company in Bacolod. Our businesses include data mining and business analytics. As a data mining company, we work the same with Nielsen and Social Weather Stations (SWS). We collect consumer data and out of the data that we collect, we create marketing impressions or reports which in turn, we improve our businesses. We buy receipts from people who buy groceries and we give points and we convert it to cash. In our Business Analytics, we provide support to small businesses (sari-sari stores) and online sellers and lately, we operate as a merchant wherein our company accepts cryptocurrency as a mode of payment together with Bitcoin and Ethereum,” Bombita said.

“To be clear, Purewealth EBC Corporation is a merchant. Meaning, it accepts cryptocurrency as a mode of payment on some of its products and services. It does not sell cryptocurrencies,” he said.

As a corporation, Purewealth’s primary business is on selling of consumer goods, data-mining, selling of fashion items, and retail of other wholesale products. Since it uses direct selling as a means to sell its products, naturally it is connected to a lot of off-line and online entrepreneurs which conducts businesses at its main office. These entrepreneurs may be engaged in other business ventures that Purewealth has no control, he added.

The issue arose when two of our officers started to trade Bitcoin, Ethereum, and Pure Pound. It has to be noted that our officers’ personal involvement in cryptocurrency is no indication that the whole corporation is engaged in cryptocurrency trading, he added.

It is regretful that such inaccurate news made it to mainstream media considering that Purewealth EBC Corporation has been constantly in contact with the SEC for months, he said.

With this, we ask the public to be vigilant in believing accusations against Purewealth EBC Corporation. We advise everyone to always look at two-sides of the story and be cautious in believing the fake news that they see on the internet, he added.

“We hope that next time, the SEC takes extra pre-caution in publishing articles like these and should be open to dialogues to clarify matters professionally,” he added.


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