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Davao traders remain discreet due to industry misconceptions

THE TRADING climate in Davao City and Mindanao is active yet cautious due to scams, according to one local trader.

During the Habi at Kape forum last Aug. 9, Dexter Honorio, team leader of the Mindanao Traders Expo Core Team, said local stockbrokers are actively trading but are “not visible to the eyes of the people” because of scams.

“The trade is not in the limelight but there are traders in Davao and Mindanao that are discreet because some don’t want to get comments like ‘the trading platforms are scams, they only want to get your money,’” he said.

Because of this perception, trading such as foreign exchange (forex), crypto, and stock market trading is not growing locally, according to Honorio, and this affected people’s financial literacy.

“In Mindanao, there is no limelight about trading, no financial literacy about forex trading, crypto, [and] stock market. They don’t know that they can have [a] lucrative source of income if they know what they’re doing,” he said.

Honorio added there are associations and groups in Davao City the public doesn’t know about such as the First Metro Sec, the brokerage partner of Metrobank group, and the Mindanao Blockchain Association which have been creating events like Cryptofrolic in Mati City.

The Mindanao Traders Expo is a free event for the awareness and education of the public about forex trading, the stock market, crypto, and commodities.

The said expo will be held at the Multipurpose Hall, RTC-KorPhil Vocational Training Center, on Aug. 18-19. It is organized by TESDA XI Regional Training Center and Max Media enterprise and with the participation of the PNP Cybercrime Unit.

There are 18 invited speakers at the expo including those from Singapore, Cyprus, Romania, Greece, Australia, and Russia.


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