Close  
MUST HAVE SEC PERMIT

DILG to village officials: report business scams

By: - Reporter / @MRamosINQ
/ 05:04 AM June 22, 2019

Interior Undersecretary Epimaco Densing III on Friday urged barangay officials to be more vigilant and proactive in monitoring investment schemes in their areas similar to that operated by Kapa Community Ministry International Inc., whose leaders had been accused of conning its members of billions of pesos in “donations.”

“The moment barangay officials receive information that somebody is organizing or recruiting people [for something] that involves money, they should report it to higher authorities so we can check if the operation is legal,” Densing said.

ADVERTISEMENT

He said local officials must ensure that owners of investment companies had authorization from appropriate state agencies like the Securities and Exchange Commission (SEC) and the Department of Trade and Industry, before they were given a permit to operate.

Densing said Interior Secretary Eduardo Año would be issuing a department order directing local government units to guard against Ponzi schemes that enticed investors with unusually high interest rates.

FEATURED STORIES

“I engaged in the investment sector for 20 years and have never heard of a return of investment of 20 or 30 percent a month [as Kapa had promised]. That’s clearly a scam,” he said.

Read Next
LATEST STORIES
MOST READ
Don't miss out on the latest news and information.
View comments

Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000.

TAGS: business scams, DILG, Epimaco Densing III, investment schemes
For feedback, complaints, or inquiries, contact us.
newsinfo

Trump undergoes annual physical exam at Walter Reed

November 17, 2019 08:30 AM

lifestyle

Tasting the world in a scoop

November 17, 2019 06:05 AM

newsinfo

Lawmakers want regulation of e-cigarettes

November 17, 2019 05:55 AM



© Copyright 1997-2019 INQUIRER.net | All Rights Reserved

We use cookies to ensure you get the best experience on our website. By continuing, you are agreeing to our use of cookies. To find out more, please click this link.