THE Department of the Interior and Local Government (DILG)-Davao dared firms involved in investment schemes to legalize their companies to prove that their operation has a legal basis and if they are really capable of paying out their promise of hefty returns to their investors.
DILG-Davao director Alex Roldan clarified that there was no prohibition for these firms into investment schemes to legalize their companies for as long as they adhere to the guidelines mandated by the law before their application will be approved.
“Wala man niingon ang SEC nga dili mo pwede, nganong dili man sila mukuha ug papeles? Simple raman kaayo. If they are really good niadto na sila sa SEC, niadto na sila sa Sentral Bank (The Securities and Exchange Commission (SEC) did not ban these firms to legalize their company. If they are really good, they should have gone to SEC and Central Bank),” he said.
These firms must indicate their capital, how they generate their revenue to pay back to their investors and a clear contract between the investors and the firms. But since there is none, he said that “it is a clear dubious”.
“Wala man sila did-i nga mag legal kuha lang sila sa documents, musunod lang sila sa requirements. Ang requirement nga i-ensure nila nga naa silay feasibility study, where are they going to get the money, who will be responsible in case dunay scam (They are not prohibited from being legal, they justhave to abide by the law and comply with the requirements. They must have feasibility study, where they get the money and who will be responsible for any scam),” he said.
Meanwhile, he also urged investors to file a case against the company should they fail to receive their payout so they have a basis for their claims.
“Kung dili ka mu-file ug kaso, unsay basis nimo sa claim? So by the time nga makahimo ug decision ang court, wala kay labot pero mao lagi na long shot pana but just to make sure, you have to have legal basis sa imong claim so mu-file ka ug kaso so pwede nato ng basehan sa discussion kung tinood ba nga naa kay kwarta dira or wala (If they do not file a case, what’s the basis for a claim? Once the court makes a decision, you can’t make any claim. You have to have legal basis for your claim, so file a case),” he added.
Although some of these firms have business permits, however, once they engage in investment schemes, they must secure permit to sell securities from SEC before they operate. (JCR)