THE Securities and Exchange Commission (SEC) is working to become the champion of investors’ protection in the country.
SEC Commissioner Emilio Aquino said Friday, November 17, they are doing pro-active measures or steps to educate the investors to prevent them from even having access to the scammers.
“They are very vulnerable especially in investment schemes operating through social media sites," he said.
Aquino, along with the SEC directors, led the two-day investigation information seminar at the MassKara Hall of the Bacolod Government Center held until Friday.
The event was conducted in partnership with the Bacolod City Government through the Council on Gender and Development (GAD), the Bacolod Business Development and Promotions Center (BBDPC), Business Permits and Licensing Division, and Councilor Cindy Rojas, chairperson of committee on women and gender.
The seminar was attended by about 300 participants from business groups, academe, and local government units.
Aquino said the SEC-Iloilo Extension Office confirmed that in Western Visayas, 50 percent of the registered corporations are based in Bacolod City.
“I was reading the State of the City Address of Mayor Evelio Leonardia with the title ‘Writing History,’ and we would like to be part of that history of this very progressive city,” he said.
Aquino added that being the “most livable urban center in the country”
and 2017 top model city in the Philippines, they are very inspired to be in Bacolod.
SEC’s mission is to strengthen the corporate capital market infrastructure in the Philippines, and to maintain a regulatory system, based on international best standards and practices that promote the interests of investors in a free, fair and competitive business environment.
SEC also warned the public against investing money in unregistered investment schemes operating through social media sites.
Aquino said some scammers were already prosecuted for civil and criminal charges.
SEC Director Jose Aquino of the Enforcement and Investor Protection Department said the complainants with the SEC may file charges against scammers for violation of the SEC Regulation Code.
He said they cannot file cases against the suspects unless they have witnesses.
“We need the cooperation of the complainants to prosecute the suspects. Anybody can be the target of scammers,” he added.