DAVAO CITY –- Davao City Mayor Sara Duterte-Carpio backed the move of Representative-elect Manuel “Way Kurat” Zamora to legalize the money investment schemes that have recently been proliferating here.
But until they become legal, these investment schemes which have been gaining legions of followers in the Davao provinces would still be banned in this city, the mayor said.
Duterte-Carpio said in an interview with PTV Davao on Monday she was in favor of Zamora’s plan to legalize these investment schemes so that investors’ interest would be protected.
But until then, Duterte-Carpio continued to advise the public to take precaution because they might fall victim of a scam.
The mayor, who earlier issued a warning against investment schemes in the city, said the government could not control the public from getting involved, especially when these investment schemes offer a 30-percent to 400-percent return of their investment.
The mayor’s warning came after the Securities and Exchange Commission (SEC) issued an advisory on Friday, warning the public against investing in securities not registered with the SEC.
Duterte-Carpio said these companies had to be legalized first before being allowed to operate.
“People will be protected and the investment firm’s activities will be regulated. In that case, when something happens, the registered firm will have to answer to the government and the people,” the mayor said. (Editor: Leti Boniol)