MANILA- President Rodrigo Duterte warned Filipinos Thursday against investment scams as he reiterated his order to close down religious corporation Kapa-Community Ministry International.

Speaking in General Santos City, Duterte reminded Filipinos to be mindful of investments, saying "if it is too good to be true, it is really wrong."

"Those who have already spent a lot of money on Kapa, I'm sorry. The operation will stop or shall stop immediately," he said in mixed Visayan and English language.

Kapa, a religious group, had been accused of masterminding one of the country's biggest investment scams.

The President made the remark as members of Kapa held a prayer rally in another part of General Santos.

Duterte last week ordered authorities to arrest officials of the corporation over allegations it was involved in an investment scam.

• Complaints may have led Duterte to order Kapa Ministry closure- Palace

Following the President's directive, the National Bureau of Investigation has launched nationwide raids on several Kapa offices as some members of the ministry cried harassment.

The Securities Exchange Commission has issued a cease and desist order against Kapa. In March, the regulating body clarified that the order "remains effective and still valid," amid reports it has secured a temporary restraining order.

"Hence, the public is hereby warned to be cautious in dealing with the above-mentioned KAPA and its allied entities, particularly in investing their money with said entities," it said.

Duterte was in General Santos to distribute certificates of land ownership awards to agrarian reform beneficiaries.

• Religious group Kapa Ministry faces multibillion-peso scam allegation