MANILA - The Land Transportation Franchising and Regulatory Board (LTFRB) on Thursday warned the public against an investment scheme run by transport firm Yellowdot Transport Terminal Inc without a license from the Securities and Exchange Commission (SEC).

In a notice dated March 27, the agency said Yellowdot was offering investments contracts for "Millennial Jeeps" without a license from the SEC.

Under the scheme, Yellowdot requires a down payment of P250,000 for a public utility vehicle unit (PUV), promising returns of P55,000 to P85,000 a month, the LTFRB said.

The remaining balance for each unit, estimated to be at P1.95 million, will be financed through a car loan. Registration and ownership will be transferred to the investor upon full payment of the loan, the notice signed by chairman Martin Delgra III said.

"The investing public is therefore warned not to accept offer or solicitation of this type of investment from Yellowdot," the notice said.

Yellowdot Transport Terminal Inc was also ordered to "cease and desist" from offering such investment scheme "until they comply with existing laws and regulations," the LTFRB said.

LTFRB, nagbabala laban sa hindi lisensyadong investment scheme ng isang transport company (📷DOTr) @DZMMTeleRadyo pic.twitter.com/1I1HiLD7qJ

— Maria Arra Perez (@arraperezDZMM) March 28, 2019

President Rodrigo Duterte has been pushing for the Public Utility Vehicle Modernization Program (PUVMP), which aims to modernize all existing jeepneys on the streets.

Delgra earlier said the program was still in low gear due to a lack of supply in compliant units. At least 180,000 jeepneys need to be modernized, he said.