One successful businessman, when asked about his thoughts on the popular investment schemes prevalent in the region, said that those who want to take the risk should bear in mind that get-rich-quick schemes like these collapse eventually.
In cities such as General Santos and Tagum, many have risked their hard-earned money or even properties, lured by the prospect of receiving four or even five times their original investment. There are even stories that some have stopped doing their business or quit their jobs altogether, assured that they will be receiving windfall profits in the next scheduled fund release. For the past months, the investors or technically the donors, have said to receive hefty ‘pay-out’ as promised. But the question is: For how long?
The police have started to look into these schemes and so far, police regional director Brig. Gen. Marcelo Morales, said they have identified about 10 establishments operating in the region. In the city, one firm was padlocked last Wednesday after they were found to operate without a business permit.
On May 28, Morales ordered police in the region “to implement the full force of the law regarding the illegal operations of any easy-money-schemes. Investigate and arrest all operators, marketing and establishments (agents) who do not have pertinent legal documents for their operations.” Morales has said that they want to stop fraudulent schemes as many are lured by the high return on investment from these firms.
Since the start of the year, the Anti-Scam Unit of the city has urged the public to report to their office if they have ‘invested money or have been invited to invest.’ 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.
We can only caution people to be wary of financial schemes that are too good to be true. But there are many “risk takers” out there who believe that the financial reward is just too good to miss.
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