Monday, July 6, 2020

PRRD Signs Proclamation To Raise Awareness Vs. Investment Scams


Amid the growing number of reported investment scams, President Rodrigo Duterte has signed a new proclamation making the second week of November as “Investor Protection Week”.

In Proclamation No. 846 he signed on November 15, Duterte directed the Securities and Exchange Commission (SEC) and the Presidential Communications Operations Office (PCOO) to lead the observance of Investor Protection Week.

“Due to the growing number of reported investment scams in the country, there is a need to reinforce efforts to inform and educate the public on financial literacy, investor rights and responsibilities, and risks of investment through the conduct of programs aimed at reducing the investing public’s vulnerability to fraudulent schemes,” the proclamation read.

All other departments, bureaus and agencies of the national government, including government-owned or controlled corporations and state universities and colleges, have been directed to assist the SEC in the conduct of programs, projects, and activities relative to the celebration.

Meanwhile, all local government units and the private sector are encouraged to do the same.

Kapa Scam

On June 8, Duterte ordered the shutdown of the Kapa Community Ministry International, Inc. (Kapa) over their alleged involvement in pyramiding schemes.

The SEC sued Kapa before the Department of Justice (DOJ) on June 18 for allegedly enticing the public to invest at least PHP10,000 in exchange for a 30 percent monthly “blessing” for life. Investors only had to wait for the payout.

This qualifies as a fraudulent transaction prohibited under Section 26 of the Securities Regulation Code (SRC).

The Commission, through the Anti-Money Laundering Council, also obtained a freeze order from the Court of Appeals to preserve assets linked to Kapa.

Last month, the DOJ recommended the filing of criminal cases before the courts after finding probable cause against Kapa for defrauding the investing public.

In a resolution issued on Sept. 25, 2019, state prosecutors found probable cause to charge Kapa, its founder and president Joel A. Apolinario, trustee Margie A. Danao and corporate secretary Reyna L. Apolinario for violations of Sections 8 (8.1), 26.1, and 28 of Republic Act No. 8799, or the SRC.

The DOJ said it also indicted Marisol M. Diaz, Adelfa Fernandico, Moises Mopia and Reniones Catubigan for promoting and participating in the unlawful public offering and/or selling of securities by Kapa. (PNA)

- Advertisement -
- Advertisement -

Latest News

VP Leni Visit PPE Sewers In Bulacan

VP Leni visited sewing groups in Bulacan as a part of her office's local production of protective suits for frontliners.

Mayor Lino Designates ‘Exercise Safe Zones’ In Taguig

Taguig has designated "exercise safe zones" where fitness enthusiasts can sweat it out under strict monitoring for health and safety protocols.

Sen. Gatchalian Urges DUs To Expedite Digitalization To Protect Consumer Welfare

GATCHALIAN: "If we have smart meters installed all over the country, meters can be read even remotely and we can compute by month."

Asec. Encabo: Gov’t To Help Over 5K LSIs Under Hatid Tulong Program

The government has targeted to help more than 5,000 locally stranded individuals (LSIs) go back to their respective provinces under the Hatid Tulong Program.

Mayor Vico: Pasig Braces For Distance Learning Modality

Wow! Pasig City has already started the pre-bidding conference (PBC) of the tablets and laptops to be used for the new normal of public education.

Vergeire: DOH To Use New Format For COVID-19 Case Reporting

MAHALAGANG PAALALA: Magkakaroon ng bagong format ang DOH para sa araw-araw na pagtala ng COVID-19 cases.

Alamis Urge Establishments To Provide Hand Washing Facilities

Business establishments, government offices, and schools in Antique province are now required to provide hand-washing facilities for their clients following an ordinance passed by the provincial board.

Pres. Duterte Signs Anti-Terror Bill Into Law

PRRD has officially signed the Anti-Terror Bill into law. Sang-ayon ka ba sa batas na ito?

Chan: DSWD-1 Gave Cash Aid To 9K ‘Waitlisted’ Beneficiaries

Nakatanggap na rin ng ayuda ang 9,190 waitlisted na mga benepisyaryo sa rehiyon ng Ilocos.

Sec. Año: Gov’t Aims To Bring Down PH COVID-19 Positivity Rate To 3%

The government aims to bring down further the positivity rate of the COVID-19 in the country as it ramps up response efforts to the health crisis.