Investment scams now target OFWs

MANILA, Philippines — Overseas Filipinos have become a favorite target of investment scams over the years and continue to be the usual prey especially with online advertisements, according to the Securities and Exchange Commission (SEC).

Against this backdrop, the SEC has partnered with the Department of Migrant Workers (DMW) to help overseas Filipino workers (OFWs) avoid investment scams and manage their finances better.

In a memorandum of agreement with the DMW, the SEC launched the SEC Capital Market Promotion and Awareness Inter-Agency Network (SEC CAMPAIGN Network) under the SEC CAN! (Communication, Advocacy and Network) Initiative.

SEC chairperson Emilio Aquino said OFWs have notoriously been targeted by scammers to invest their hard-earned money into investment schemes.

“The SEC wants to address this problem by ensuring that OFW have access to legitimate investment options in the market, thereby steering them away from fraudulent schemes and helping them grow their finances through sound financial decisions,” Aquino said.

Under the agreement, the SEC will tap into DMW’s resources to expand the reach of its financial literacy and investment scam awareness programs for OFWs.

Its target is to help OFWs improve their financial and debt management skills.

The SEC also signed partnerships with fintech companies Maya and G-Xchange Inc., BDO Foundation Inc. as well as Empower and Transform, OPC, further expanding the reach of its financial literacy programs through the private sector.

Formally launched in 2020, the SEC CAMPAIGN Network initially had 11 partner-organizations from the public and private sectors. It has since expanded to a total of 127 partners, widening the reach of the agency’s financial literacy programs toward the enhanced protection of the investing public.

The CAMPAIGN Network includes organizations from the public and private sectors forming the SEC Anti-Scam and Illegal Taking of Investments Group (SEC ASTIG), which is focused on proactive and prompt enforcement actions against investment scams and other predatory practices carried out through the misuse of the corporate vehicle.