SEC warns public: ‘Be vigilant in investing money’

BY MARY JOY CAVAÑAS

ILOILO City – The Securities and Exchange Commission (SEC) warned the public to be cautious on joining or investing money to investment firms.

SEC Region 6 director, Atty. Ma. Cristina T. Montelibano, said the public should make sure that the investment firms they plan to invest with are legitimate and licensed.

“First and foremost kung registered na, do not believe nga tungod registered ang entity, they are authorized to gather investments from the public,” Montelibano said in an interview with Bombo Radyo Iloilo.

The SEC’s warning came following the complaints of 121 investors from Iloilo who fell victims to an investment scam.

According to investors, they invested money to Upsolution Online Shop International, with office located on Aldeguer Street, City Proper district. They later found out the office already closed down on Monday, Oct. 23, and its marketing head could no longer be contacted.

“Ang usual namon nga ginahambal nga kung ang promise gani sa imo daw mabangon ang patay, ti hamak mo nga ‘double your money in 37 days,’ daw ka impossible. Kay ti sa aton gani nga mga financial institutions ayawan ka gani bayad sang interest rate, sa ila ya gabaligya lang sila kape, they can double your money in 37 days, tapos tagaan ka nila three packs of coffee for 3,500 nga investment,” Montelibano  added.

In a separate report on Super Radyo Iloilo, one investor allegedly invested P5 million to Upsolution Online Shop International.

The director then appealed to the public to report to the SEC office once they discover investment entities that offer bigger return of investment within an ample amount of time as this could be a sign of fraud.

“If they want, they can visit us sa amon opisina to confirm whether or not such entity may ara siya primary license, may ara secondary license. Kay ang pag-gather na ya sang investments from the public indi na siya automatic nga once registered ka na, authorized ka dayon. So kinahanglan may ikaduha ka pa nga lisensya,” the SEC-6 director added./PN