53 investment firms in CAR under close watch

BAGUIO CITY, Philippines – At least 53 firms believed involved in investment scams are being watched by authorities in the Cordillera region.

Of this number, 31 are operating in Benguet, while 22 are in this city. 

Records presented during the recent regional law enforcement coordinating committee meeting here showed that there were 323 cases filed against 57 suspects, who fled with a total of P124.45 million.

Five suspects tagged in the investment scam were arrested recently.

They were identified as Alfredo Bukiki Tao-ing, Jericho Estrella, Violette Grace Molina, Eleil Morales and Herminia Pagaduan.

The task force anti-illegal investment and scam recommended the cancellation of the business permits of the companies engaged in scam.