THE Securities and Exchange Commission (SEC) in Davao Region is studying the culpability of other investment firms operating in the region that are reportedly luring the Filipinos to invest their hard-earned money in some products and services.
SEC-Davao director lawyer Javey Paul Francisco said aside from the four investment firms being monitored in the city, they are also closely watching other investment firms and entities proliferating in other areas of the region.
Francisco said he has been receiving reports on some firms and/or entities engaged in soliciting investments from the public. But he refused to name them pending investigation. He added SEC has yet to validate the reports.
"We are monitoring more than four firms and/or entities not only in Davao City but also in the provinces. Marami kasi, there is a possibility that the investment firm has other entities, but emanating from one promoter," Francisco said.
Francisco admitted that this has been a challenge to them. He said SEC cannot control the investment schemes unless people will stop investing to a "too good to be true huge amount of cash returns and other enticing offered services."
Francisco said SEC-Davao is planning to conduct a roadshow in partnership with other professional organizations this year, to bring investor education seminars and information campaigns in the far-flung areas under its jurisdiction.
He said they will inform the people on how to detect an investment scam and what to avoid. He added that they will also present alternative investments that are justifiable aside from the usual investments that are registered with SEC.
The SEC-Davao has also issued advisories to inform the public over the firm and/or entities that have been issued with cease and desist order for violating the SEC policies. Its personnel will also coordinate with the local government units.
Six months ago, the Jacama Sales and Marketing was closed down in Davao City by the Business Bureau for violation of the Local Revenue Code of 2005 and lack of permit from the Sec-Davao. (ICT0