Teachers warned vs investment scams

Janvic Mateo (The Philippine Star) - February 6, 2020 - 12:00am

MANILA, Philippines — The Department of Education (DepEd) has warned public school teachers against several investment programs that are not registered with the Securities and Exchange Commission (SEC).

Education Secretary Leonor Briones issued an advisory regarding an unknown entity encouraging public school teachers to take part in its programs that would require them to shell out as much as P115,000.

Citing the SEC advisory, Briones said the unknown and unregistered entity offers to assist teachers in securing bank loans to be able to join the dubious investment programs.

Once the fee is paid, the teacher will receive P11,000 worth of beauty products or food supplements and a check amounting to P10,500.

Joining the program would supposedly allow them to receive payoffs of P11,000 for every member recruited.

“Moreover, as an attraction to public school teachers, it likewise offers training seminars on financial literacy and promises a debt-free life, double net pay, owning a car, travel with family and savings in the bank,” the DepEd advisory read.

“However, it is neither registered with the SEC nor authorized to solicit investments from the public,” it added.

Briones advised teachers and other DepEd personnel to be cautious and not deal with individuals offering such programs as these are considered as investment scams.

“Those who participated in the said illegal activities may be prosecuted and held criminally liable under the law,” she warned.

Those who encountered such cases are advised to report it to the SEC’s Enforcement and Investor Protection Department at (+632) 8818 6047 or email at epd@sec.gov.ph, copy furnished to the DepEd Action Center at action@deped.gov.ph for appropriate action.

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