Tuesday, December 09, 2003
DTI warns public vs pyramiding, scams
By Minerva Zamora-Arceo
THE Department of Trade and Industry (DTI) recently warned the public against existing firms allegedly involved in pyramiding and other scams as it released a list of companies being monitored by the agency.
In a memorandum issued to DTI regional directors recently, 36 companies were listed by the agency for investigation and monitoring due to complaints and charges received from 2002 to 2003.
Out of the 36 firms, five companies were formally charged based on the existence of prima facie evidence of pyramiding. These are the Powerhomes Unlimited Corporation, Grand Post International, ADL Marketing Phils., Inc., Lifelink Multicard, Inc., and Tie-With-Us Enterprise.
Those listed for continuous monitoring are the Phil. Rich International
Marketing Company, XP3 World Corp., Primanila Plans, Inc., M7D (Dollar
Diamond), CPY Loan and Credit Corp., INOSPHIL Corp., Kabuhi Int'l
Marketing, Sophie Martin Phils. Inc., Ugnayan Phils. Marketing System,
Net-Taipan Phils., Inc., and First Quadrant Phils., Inc..
The 36 companies were invited by DTI earlier to present their business/marketing plan to help the agency assess the nature of their operations.
Among the firms, 14 have yet to present their business plans. These are the Rise E-Commerce Systems, Inc., Sure Car, Inc., Cerlink, Inc.,
United Shelter Marketing, Inc., DXN International Private Ltd.,
mytextbiz.com., Capitol Int'l Services, GEJOBACO Association, Inc., Ikingkong Commercial Phils., Inc., Inter C-D Co., Ltd., Rainbow Technologies Inc., Inter-Lameco, Kiddo World, Inc., and Txtclub.Net.
Other firms were, however, not located in their last known addresses.
These are the Cymbionic, Inc., Entrepreneurs Club Int'l Marketing Corp., Classique Herbs Corp., and LGY Lending Network and Financial
Assistance.
Meanwhile, the DTI has resolved two cases of pyramiding, which involved the Dream Team Prepaid Club and the ITO Business Solutions Inc. (Butil).
Ric Naguit, DTI Region 3 business regulation and consumer protection division chief, said legitimate companies giving promotions and other forms of incentives to the public are registered with the DTI and usually get permits.
"But if a company offers somebody an incentive, prize, or a promo that is too good to be true and refuses to divulge full details of the promo, then it could be a scam. So we always advise the public to check with DTI first before dealing with companies with suspicious operations," Naguit said.
(December 9, 2003 issue)
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