Marcos Jr. likens fight vs online scams to arms race

MANILA, Philippines — The fight against investment scams is now an “arms race,” President Marcos said yesterday as he cited the need for the public to be aware of new technologies being used to commit fraudulent acts.

“It is really an arms race. Every defense or every capability that we develop to block or to catch or to nullify these kinds of transactions, of course they come up with new technology, they come up with new techniques,” the President told reporters on the sidelines of the celebration of the 85th anniversary of the Securities and Exchange Commission (SEC).

Marcos said that while the government is continuously monitoring scams, consumers should have the capability to tell which offers are legitimate and which ones are scams.

“So, we just have to be very watchful and we have to be very careful and also be aware of the new technologies, of the new ways in which we can prevent these kinds of things. But it really comes down to the public,” he added.

He added there is greater danger now that people have started using artificial intelligence or AI and other “new” and “very powerful tools” on the internet.

“But our best defense is a knowledgeable consumer who can see for themselves and determine for themselves that those that are legitimate offers of, let’s say a promotional offer, as opposed to a scam,” the Chief Executive said.

Marcos noted that scammers are not always in offices or big buildings as they may operate in a basement with a computer they can shut down or sell.

“So, that’s the trouble that we are finding now. Of course, should anyone be found guilty of promoting such scams, then the full force of the law will come into play,” the President said.

The SIM card registration law, Marcos said, was a “big step” toward addressing scams.

“I think we are getting to the point where we have disposed of or taken out of the system many of the SIM cards that have not been registered because they have been used for illegal purposes and for these scams that we have been hearing about,” he said.

Ease of doing business

In a speech before officials and personnel of the SEC, Marcos called on the corporate regulator to continue promoting the Philippines as an investment destination and to step up digitalization efforts.

“Let us use all the successes to further promote ease of doing business and to actively contribute to our overall goal of bringing a comfortable life to our people. I likewise encourage you to continue the digitalization of your services and further invigorate the advocacy for sustainable finance and good corporate governance,” the President said.

“I know that I can count on each of you to help promote our country as an investment destination—one that is safe, that is orderly, and proactive; and one that can uphold the rights and welfare of our investors and consumers to their mutual benefits,” he added.

Marcos said the SEC has stood as a “reliable regulator of corporate and capital markets” and a “staunch protector of our people and their investments.” He cited the corporate regulator’s digital reforms that he said have made it easier for companies to comply with requirements and maintain a good standing in the business community.

“Throughout the commission’s existence, the SEC has helped create an environment that benefits the business and investment sectors. Your openness to achieving digital transformation has likewise been integral to fostering business formation and for growth,” the President said.

During the event, the SEC showcased its new digital services designed to make the registration and monitoring of companies easier, including the Electronic SEC Universal Registration Environment or eSECURE, Electronic SEC Education, Analysis, and Research Computing Hub or eSEARCH; SEC API Marketplace, Electronic Registry Application for Market Participants or eRAMP and the SEC Check App 2.0.

SEC help for agri

The SEC has also introduced new capital market initiatives that will allow more investments in the agriculture sector in line with President Marcos’ program to boost agribusiness in the country.

The SEC presented the so-called Securing and Expanding Capital for Farms and Agribusiness Related Modernization Schemes (SEC FARMS) to President Marcos.

Agri-based companies can raise up to P500 million per project under the program.

SEC FARMS will streamline the requirements and procedures for agri-based companies registering securities for the purpose of raising capital for agriculture projects.

Applications can be approved within 28 days from filing with the SEC, subject to the guidelines set by the commission.

SEC FARMS is in line with “Masaganang Agrikultura, Maunlad na Ekonomiya,” the President’s strategic program focused on farm consolidation, modernization, industrialization and professionalization in order to attract private sector investment in the agricultural sector, said SEC chairperson Emilio Aquino.

The initiative expands available investment opportunities for Filipinos working both locally and abroad. It is envisioned to help overseas Filipino workers – usual targets of scammers – to avail themselves of sound and legitimate investments available in the market. – Alexis Romero