Behind every man is a woman.
For KAPA founder Pastor Joel Apolinario, that woman is Reyna Lobitana Apolinario who controls the fast-growing businesss empire of the former fisherman-construction worker from a remote town in Surigao del Sur.
The Securities and Exchange Commission presented at least 10 businesses funded by Apolinario’s KAPA donations-blessings investment scheme – which President Rodrigo Duterte called a Ponzi scam – that were all registered under the name of his wife Reyna.
The businesses which ranged from food to real estate to mining were put up between January 2018 and Aril 2019 just when Apolinario’s promise of a 30 percent guaranteed monthly return was picked up by horde of Filipinos who wanted to get rich quick:
1) JoRey Fuel Trading – 5 April 2019
2) JoRey Printing Services – 20 March 2019
3) JoRey Garments Trading – 8 March 2019
4) JoRey Fishing Boat – 11 January 2019
5) Reyna’s Convention Center – 9 January , 2019
6) JoRey Agri Banana Plantation – 14 Nov. 2018
7) JoRey Multi-Media Production – 26 Oct. 2018
8) JoRey Gasoline Station & Convenience Store – 23 Aug. 2018
9) KAPA Minmetals Trading – 28 June 2018
10) JoRey Love Bakeshop & Restaurant – 25 Jan. 2018
Aside from these businesses, Aplolinario allegedlyh owned a hospital and school in Tagum, Davao del Norte.
“How come everything is lodged with the wife? For us, this is fraud,” SEC Chairman Emilio Aquino asked.
Aquino revealed that KAPA’s latest financial statement in 2017 showed that it has only P 465,000 in declared total assets compared to the P50 billion investments the SEC believed it generated from 5 million gullible investors.