Financial literacy should be taught to SHS students — Gatchalian

DONATION Among the documents found in Kapa’s office in Compostela, Cebu, are copies of certificates of donation issued to members. —JUNJIE MENDOZA

MANILA, Philippines – Financial literacy should be included in the curriculum of senior high school students (SHS) to educate the youth against investment schemes early, Senator Sherwin Gatchalian said Monday.

Gatchalian said this amid the massive Ponzi scheme allegedly perpetrated by the Surigao del Sur-based religious corporation Kapa-Community Ministry International Inc. (Kapa).

READ: Kapa is poor’s ticket to good life–members

“I think pwede nating umpisahang pag-usapan ito sa high school dahil karamihan ng mga high school, especially in our system, magta-trabaho na yan,” Gatchalian told reporters in an interview at the Senate.

“Elementary might be too young, dahil baon pa ‘yung kanilang nakukuha, pero with our SHS system right now, karamihan sa kanila, magtatrabaho na at makakaipon ng pera,” he added.

President Rodrigo Duterte earlier ordered the shutdown of Kapa and other groups for alleged involvement in investment scams.

READ: Duterte wants Kapa, other investment scams probed, shut down

Gatchalian pointed out that fraudsters and scammers usually target people in the provinces or rural communities as they are easily lured by schemers’ promises of high investment returns. He urged Filipinos to be more vigilant against such rackets.

“Dapat sa ating mga kababayan, maging maingat sa pag-iinvest ng kanilang pera,” Gatchalian told reporters in an interview at the Senate.

“Marami talagang manloloko. Madaming magagaling magsalita at magagaling mag-engganyo ng ating mga kababayan,” he added.

The senator called on the public to report immediately to the authorities if they find any investment scammer.

He said there are enough laws in the country to put a stop on such scams, however, Gatchalian said the government intervention remains lacking.

“Ang nagkulang na nakita ko dito ay saan magsusumbong ang tao at yung early detection. Dapat kung nade-detect na agad, na merong ganitong nagre-recruit, nangangako ng malaking return, agad dapat pumasok na ang gobyerno,” Gatchalian said.

The senator said the Senate could hold a hearing should there be a need to amend laws against investment scams

He said he wanted to ask for a briefing from the Security Exchange Commission to determine whether the law should be amended.