SEC Cebu inks deal to protect OFWs from investment scams

CEBU, Philippines — The Securities and Exchange Commission (SEC) Cebu Extension Office (CEBEO) has formally joined forces with the Department of Migrant Workers Region (DMW-VII) to boost financial literacy and safeguard overseas Filipino Workers (OFWs) from investment scams.

SEC-CEBEO Director Atty. Sheara Lupango-Tamayo signed the agreement with representatives from DMW-VII and the Department of Social Welfare and Development (DSWD-7).

This MOA signing was held in conjunction with CEBEO’s quarterly meeting for its SEC Campaign, Advocacy, and Network (SEC CAN!) initiative, which brought together partners from both the government and private sectors.

Key attendees included representatives from National Telecommunications Commission (NTC), Philippine Information Agency (PIA), European Chamber of Commerce of the Philippines (ECCP), Integrated Bar of the Philippines – Cebu City Chapter (IBP Cebu City), Talisay City Chamber of Commerce and Industry, Inc., Philippine Institute of Certified Public Accountants – Cebu Chapter (PICPA Cebu), and the Cebu Chamber of Commerce and Industry (CCCI).

Meanwhile, the Bohol Island State University (BISU) participated virtually via Zoom.

The SEC CAN! initiative is designed to promote capital market awareness and investor protection across the provinces by partnering with various organizations.

According to SEC-CEBEO, this collaboration with DMW-VII marks a pivotal step in SEC-CEBEO’s efforts to safeguard OFWs against fraudulent schemes and enhance their financial education.

“We are excited about this partnership with DMW-VII. Together, we can extend our reach and provide vital financial literacy resources to our OFWs, empowering them to make informed investment decisions and avoid scams,” said Tamayo.

The ceremonial Memorandum of Agreement (MOA) signing took place on May 15, 2024, at the SEC-CEBEO office in AppleOne Equicom Tower, Cebu Business Park.