Capitol intensifies drive vs investment scams

CEBU, Philippines —  The Province of Cebu is intensifying its crackdown on illegal investment schemes, as it links up with its various local government units (LGU).

Through a Sangguniang Panlalawigan resolution authored by the chairperson of the Provincial Board’s Committee on Commerce and Industry, the Cebu provincial government urges each of its municipalities and cities and their respective barangays to heighten the surveillance and monitoring of these illegal businesses.

According to the resolution, there seems to be a resurgence of scam investment activities, fraudulent machineries and Ponzi schemes even after the shutting down of various operators.

These scam investment schemes operate to entice the public to shell out cash as “investments” and assure victims of obscenely marginal growth in what they previously cashed out.

“Cebuanos, without a sound grasp of basic financial education and concept, is highly susceptible to deceit by these conniving individuals,” read a part of the resolution.

The resolution added there is a need to involve the LGUs, since barangays and municipalities are able to closely monitor these illegal operators because of their proximity and their relatively narrower areas of concern.

“The local government units, especially the barangays, are to be considered the “closest” to the workings and activities of their communities,” the resolution said.

The LGUs are encouraged to treat their obligations to scrutinize businesses beyond just ministerial tasks, since they evaluate applications for permits.

The resolution added that suspicious business activities should be reported to the Securities and Exchange Commission, Criminal Investigation and Detection Group and the National Bureau of Investigation.

The resolution was passed during an out-of-town session of the Sangguniang Panlalawigan last October 1 in Bantayan Island.

Copies of the resolution will be furnished to the different LGUs of the Province of Cebu. — GAN (FREEMAN)