DAVAO City Mayor Sara Duterte-Carpio warned anew the public about financial scams that promise hefty returns.
The Securities and Exchange Commission (SEC) has already issued advisory on October 3, 2018 about Kapa Community Ministry International, Inc., founded by Pastor Joel A. Apolinario, as it enticed the public to invest with a promise of a 30% return of investment monthly.
The group operates in Mindanao particularly in Pangyan Glan and Alabel, Sarangani Province, Bislig City, Surigao del Sur, General Santos City, and South Cotabato Province.
“I suggest for the public to read the advisory because there was an explanation by the Securities and Exchange Commission (SEC) about the activities of Kappa - Kabus Padatoon, and then they should take care of their investments,” the mayor said on Friday, February 8, in an interview with the media.
She said that such scams are not new in the city as there were incidents before of pyramiding scheme. In the case of Kappa, SEC said that it is not registered with the Commission as a corporation or partnership. The group has no primary license then it is not authorized to solicit investments, as soliciting such requires a secondary license as provided under Section 8.1 of the Securities Regulation Code (SRC).
“Ang amoa lang is gi-amplify namo ang SEC advisory sa katawhan and then ang tao na ang mu-decide based on the SEC advisory kung unsa ang ilahang decision with regards to their investments ug kwarta (We just amplified the SEC advisory to warn the public),” Duterte-Carpio said.
So far, here in the city, she said that the Anti-Scam Unit has not recorded victims of Kappa who went to their office to complain, adding that she already has told other local governments in Davao region of such group for them to also warn their people.
She also advises the victims, if there are any, to visit the unit created by the city to assist scam victims.
“Of course it’s your decision how you use your money but there is already a warning by the Securities and Exchange Commission. I hope that they will take time out to read the advisory,” she added.
She likewise warned about groups dropping her name or the President’s name to entice people to invest as she said that she is not involved in such transactions.
“I’d like to inform everyone that I am not connected, I do not participate. I do not know Kappa or the owner of Kappa,” the mayor said.