SEC, other agencies urged to strengthen anti-scam mechanisms

MANILA, Philippines — Sen. Sherwin Gatchalian has called on the Securities and Exchange Commission (SEC) and other concerned agencies to improve their mechanisms for preventing financial scams as well as hasten the prosecution of those behind them.

He lamented that eight major investment scams with a haul of nearly P66 billion have been recorded in the last 20 years but only one person has been put behind bars.

“Many continue to dupe other people because only one so far has been imprisoned for investment scams,” the senator told dzBB.

He said he was looking at possible legislation as well as other measures, including the putting up of satellite offices in the provinces where most of the victims come from, to help reduce such scams.

“We should come up with mechanisms that would make it easy for victims to report and seek redress. We must also look into how to speed up prosecution,” Gatchalian added.

The senator intends to hold hearings to help craft a law that could deter investment scams and push legislation that will include financial literacy subjects or courses for high school students to help them become more discerning and wiser in handling finances when they work or go into business.

While scammers prey on human weakness and gullibility, some financial education can help people see through scams, which are usually very enticing, he added.