Public warned vs investment scam

CEBU, Philippines - The Securities and Exchange Commission-Cebu is warning the public to be extra cautious so they would not fall prey to investment scams.

SEC-Cebu Securities Counsel Alma Marie Dalena made the reminder after their office received two weeks ago a report about a business entity that she said operates in Cebu province and Tacloban City.

“Under investigation pa siya karon.  We conducted an investigation immediately… para malikayan nga aduna’y maapektohan sa ilang mga activities,” she said.

“We still can’t give out further information so as not to affect the course of the investigation,” she added.

She advised that the people should first approach their office to countercheck company information before yielding and investing their hard-earned money in a business venture that would turn out to be bogus.

Dalena also said that if not their office, anyone could seek guidance from the Department of Trade and Industry, the Office of the Insurance Commission, Central Bank of the Philippines, and other regulating agencies.

“People should be cautious if they would enter into investments, especially if it involves money. These entities provide enticing offers. They could promise you the moon,” she said.

She recalled an investment scam recently made public involving Emgoldex Philippines, which reportedly offers huge investment returns.

“One of those who reported, the mother was from Cebu….  The corporation is not registered in the Philippines and they have no authority to invite investments,” she said.

She lamented, though, that people often would not pursue on submitting sworn statements.

“This has been our problem. Sa una pa gyud ni siya. Kung naay isumbong, walay mohimo og affidavit. Kon walay mobarog nga tinuod na iyang gisulti, tsismis ra jud nang tanan,” Dalena said.

Their office, she said, could not take action against of the existing complaints other than to release an advisory addressed to the public.

“Sometime in February, naa na dayon tay advisory against Emgoldex Philippines nga dili sila registered and they don’t have the authority to have investments here in the Philippines,” she said.

“Mas maayo nga mangutana daan,” she added.  —  May B. Miasco/RHM (FREEMAN)