Grace seeks review of investment laws

MANILA, Philippines - Amendments are being eyed on securities and investment laws to plug loopholes and prevent unscrupulous people from deceiving the public into joining bogus investment schemes and networking scams.

Resolution 1454 is urging the Senate committee on banks, financial institutions and currencies to hold an omnibus inquiry and assessment in aid of legislation, on relevant securities and investment laws, regulations and measures, with the end goal of introducing remedial amendments to better battle deceptive investment schemes and stop insidious networking scams.

“Companies engaged in deceit must be stopped from circumventing existing securities and investment laws, regulations and measures,” Sen. Grace Poe said in filing the resolution.

One Dream Global Marketing, Inc., the perpetrator of a P3-billion investment scam in Batangas is registered with the Securities and Exchange Commission (SEC) as a firm involved in trading, buying and selling of various goods, but has no permit to sell and market investment products, Poe said in a statement.

“With One Dream being an SEC-registered firm, unsuspecting investors could have been made to believe that it is safe to invest their money into the company,” she said.

“Amendments may have to be made to prevent companies engaged in deceitful means from circumventing existing securities and investment laws, regulations and measures.”

Investors have filed charges of syndicated estafa against One Dream officers led by owner Arnel Gacer, after the company refused to return their money following repeated demands.

Complainants alleged that One Dream deceived them through a “system profit scheme” in which investors were required to put in P888 with the promise of a “pay-out” of P1,300 after four days.