DEPARTMENT of the Interior and Local Government (DILG) Secretary Eduardo Año warned the local government units (LGUs) against giving business permits to firms involved in investment schemes, saying that it could be a ground for possible suspension from their post.
Speaking during the press forum at the Royal Mandaya Hotel on Thursday, July 18, Año said there have been around 40 investments schemes that they monitored operating in Mindanao.
After President Rodrigo Duterte’s order on shutting down easy money schemes, several moves have been stepped up to dismantle get-rich-quick activities to prevent the public from getting duped.
Last month when President Duterte went to General Santos City, Año said he likewise issued a memorandum circular mandating all LGUs to shut down firms engage in bogus schemes offering unusual high interest and withdraw all the permits they have issued to these organizations.
“Ang nakalagay doon ay: Do not grant permit to all Ponzi scheme or pyramid Scam Company or corporations within their localities, number two if they issued permit, they are cancelled immediately at the time of the issuance of memo circular,” Año said.
He added, “So pagka may lumabag doon, ‘yong paglabag nila sa memo circular na yon is already a ground for suspension.”
He cited that he is serious with his order especially for disobedient local chief executives.
“Ang ating kampanya is to stop all these Ponzi and Pyramid scam. Aside from Kapa, there are about 40 other schemes operating here in Mindanao. ‘Yong iba nag o-offer pa ng 30 percent ang iba nag o-ofer ng 500 percent paano niyo babayaran yan?” Año said.
Kapa Community Ministry International, Inc., which has gotten the ire of the President due to its questionable operation, claimed that their operation is based on “Certificate of Membership with Deed of Donation.”
“Kahit ano pang termino sabihin mo basta merong exchange of money without any legal investment that is Ponzi-scheme that is illegal. The President wanted to save our victims,” Año said.