Be Wary Of Financial Scams, Dabawenyos Told

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Be Wary Of Financial Scams, Dabawenyos Told

Davao City –   The city government of Davao, through its Anti-Scam Unit, has warned the public to avoid groups or companies encouraging people to invest money with a promise of giving them hefty monthly returns.

A memorandum received by the unit from the South Cotabato Police Provincial Office, which was dated January 26, 2019, mentioned certain organizations like Kapa Community Ministry International, Inc. and ALMAMICO (Alabel Maasim Small Scale Mining Cooperative) as urging people to invest for a bigger cash return of up to 30 percent each month.

Both entities operate in Mindanao, particularly in Glan and Alabel in Sarangani province; Bislig City in Surigao del Sur; and General Santos City and South Cotabato.

In an advisory issued by the Securities and Exchange Commission on October 3, 2018, Kapa, represented by a certain Pastor Jun Apolinario, entices the public to invest with a promise of 30 percent interest every month until forever in the guise of a “Deed of Donation” or “Certificate of Membership.”

Simplicio Sagarino, head of the Anti-Scam Unit of the Davao City Hall, urged the public to report to their office if they have been victimized by any of these schemes.

“If you have invested money or have been invited to invest, you may report this matter to our office or the SEC for appropriate action,” he said.

The advisory reads: “Section 28 of the Securities Regulation Code (SRC) prohibits any person from engaging in the buying or selling of securities in the Philippines as a broker, dealer, salesman or association person of a broker or dealer unless registered as such with the Commission.”

The SEC also emphasized that any person engaging in these schemes may be held criminally liable or sanctioned or penalized.

Victims of the scheme may report to the Anti-Scam Unit located at 3rd Floor, Lingap Bldg., A. Pichon St., Davao City or the SEC Davao Extension Office located at SDC Building, Purok 13, Ma-a Road, Ma-a, Davao City or call Tel. No. 298-2170 for guidance. CIO

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