SEC warns public to be wary of scams

CEBU, Philippines - The Security and Exchange Commission (SEC) in Cebu warns the public, especially women, domestic helpers, vendors and senior citizens to be wary of investment scams.

Atty. Lindeza Gavino, SEC Cebu Extension Office director, said yesterday that these group of people are mostly the target as they have the money.

“Kasagaran ang magkupot sa budget sa pamilya mga babaye or mga asawa mao na nga sila ang e-target as well as senior citizens because they have pensions,” Gavino said.

Domestic helpers and vendors are also favorite targets as they are enticed to high return of investment.

In line with the campaign to prevent and eradicate investment scams, SEC-Cebu Extension Office is conducting a massive information drive and education campaign at the barangay level.

“We have been conducting campaign at the barangay level because these scammers usually starts their scams at the barangay,” said SEC Securities Counsel Atty. Alma Dalena.

SEC has been issuing warning to the public not to invest in high yield-high risk investment which may turn out to be a fraudulent scheme or investment scam.

Gavino said that they are willing to conduct lectures with local government units and they also wrote to the congressmen in Cebu.

So far, Fourth District Rep. Benhur Salimbangon, Sixth District Rep. Luigi Quisumbing and acting governor Agnes Magpale have responded to their letter. (FREEMAN)