Palace warns public vs investment scams

By , on August 17, 2015


Presidential Communications Operations Office Secretary Herminio Coloma Jr.  (Photo by Robert Viñas/Rodolfo Manabat/Malacanang Photo Bureau)
Presidential Communications Operations Office Secretary Herminio Coloma Jr. (Photo by Robert Viñas/Rodolfo Manabat/Malacanang Photo Bureau)

MANILA — Malacanang urged the public to be vigilant amid the proliferation of fraudulent investment schemes and other illegal activities.

In an interview over state-run Radyo ng Bayab, Presidential Communications Secretary Herminio Coloma warned against investment proposals with high returns.

Coloma urged the public to be very critical about the returns on investment promised in the schemes.

“I call on our countrymen to be vigilant, examining closely investment proposals that promise high returns as these may be dubious and predatory,” he said.

He also cited reports reaching the Department of Trade and Industry adding that a“the number of online scams in various regions all over the country has increased.”

Over 4,000 people were recently involved in an allegedly fraudulent investment scheme proposing a 45-percent return on their money within weeks.

“Both the DTI and the Securities and Exchange Commission have issued public advisories warning against these scams. These agencies are working closely with the Department of Justice, particularly the National Bureau of Investigation and the Philippine National Police,” he said.

“The DTI’s Consumer Protection and Advocacy Bureau and the SEC’s Enforcement and Investor Protection Department are closely monitoring and continuously looking into cases of pyramid and other investment scams,” he added.