Trade and Industry Secretary Ramon Lopez urges investors to go into business rather than put their money in fraudulent investment schemes. /Irene R. Sino Cruz
CEBU CITY, Philippines–Trade and Industry Secretary Ramon Lopez cited the need to establish a task force to act on fraudulent investment schemes.
Lopez made the statement at the sidelines of the Cebu Business Month 2019 Entrepreneurs Summit.
He said the task force would be composed of different government agencies for coordinated action against investment scams.
Lopez admitted that it was not until President Rodrigo Duterte ordered the shutdown of Kapa Community Ministry International, Inc. offices that action was taken against the group.
He explained that there appeared to be no specific office that could immediately take action in such cases.
While the Securities and Exchange Commission (SEC) have been issuing advisories warning the public against investment scams, these continue to operate.
Lopez cited the need for SEC to be active on social media to inform the public about any fraudulent investment scams.
When asked why investment scams continue to proliferate, he noted that it is because of ‘greed,’ which leads people to believe in quick-rich schemes.
Lopez urged people to consider earning money by going into entrepreneurship.
The Department of Trade and Industry (DTI) has been establishing Negosyo Centers to help would-be entrepreneurs and start-ups./dcb