The Bangko Sentral ng Pilipinas is warning the public against transacting with unscrupulous individuals or entities who engage in unauthorized deposit-taking activities, its press release said.

Only banks are allowed to accept deposits from the public and bank deposits are insured by the Philippine Deposit Insurance Corporation. To confirm that a bank is authorized by BSP depositors may view http://www.bsp.gov.ph/banking/directories/asp .

Non-stock savings and loan associations are also allowed to accept deposits but only from their eligible members and not from non-members. Such deposits are not insured by the PDIC, the press release said.

NSSLA's membership is confined to a “well-defined group” of persons as defined in its by-laws. An individual may not transact with a NSSLA if he/she is not a member, the press release added.*

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