Palma urges public: Be cautious in putting money into investment firms

Cebu Archbishop Jose Palma is encouraging the public to be more careful in investing their money to investment firms. | Futch Anthony Inso

CEBU CITY, Philippines — Cebu Archbishop Jose Palma warned the public to be extra cautious and careful on joining or investing their money to investment firms.

The appeal of Palma was made, amid the controversy that Kabus Padatuon (KAPA) – Community Ministry International is facing right now.

Read more: PNP: Case build-up ongoing vs Kapa, other investment scams

Earlier, President Rodrigo Duterte ordered to shut down the religious corporation over allegations that it had been involved in an investment scam.

“Even with us knowing, we say, when interest is too high, when that money seems to be relatively easy, be careful with that,” Palma said.

Read more: Duterte wants Kapa, other investment scams probed, shut down

Palma said that some individuals would really take advantage of the gullibility and interest of other people regarding easy money or other investment schemes.

He advises the public to be mindful and to discern, especially if they feel that they are being fooled and being taken for a ride so that these people can take advantage of them.

“Kita nalang maghuna-huna (We should be the one who is vigilant), because it’s not difficult to judge which one is valid, but the point is to be cautious and careful,” he added.

Palma also made an appeal to the government to determine investment firms that are valid and lawful and which of them are possibly involved in investment scams.

“I think it’s practically the duty of the government to find ways and means to determine which ones are valid and which ones are lawful,” he said.

Aside from this, he also criticized other individuals, who are using religion as means to take advantage of other people’s wealth.

“That too should be discerned. While generosity is a virtue, pero lisod bah, that makes us so sad,” Palma added. /dbs