Newsbriefs

High-end traffic lights for Mandaue

At least 14 major intersections in Mandaue city will be installed with high-end traffic lights next month.

They will be placed in intersections like highway Seno, Plaridel, SB Cabahug, AC Cortes, Cebu Doctors University, and UN Avenue, said Mandaue City Administrator James Abadia.

The traffic lights system features a closed-circuit television (CCTV), graphical illustration for deaf-mutes, an LED counter, pedestrian lanterns and sound effects for the blind.

The P40 million traffic lights project was recently awarded to Triune Electronic Systems Inc. based in Metro Manila. Other bidders were from Cebu and Israel, Abadia said.

“It’s a network that’s also capable of remote control from the command center to operate the traffic lights 24/7,” he said.

The command center will be near the City Hall.

Abadia said the contractor will mark the streets next month in areas where the modern traffic lights will be placed. /Reporter Jucell Marie P. Cuyos

SEC TOLD: Warn public about pyramiding

THE public should be better informed about companies engaged in pyramiding scams to warn them against investing in these businesses in the future.

The Cebu City Council issued this reminder to the Securities and Exchange Commission (SEC) in a public hearing on the Aman Futures scam held yesterday.

SEC Cebu official Lorna Cubero said an advisory was posted in the SEC website as early as August 23 warning the public about high-risk investment offers. (However, the name of Aman Futures was not mentioned in the website.)

Councilor Margot Osmeña said this action wasn’t enough.

“The SEC should use the TV, radio and newspapers more often to disseminate their advisories (against dubious companies) and warn the public in advance,” she said.

During the hearing, Cubero recounted the history of Aman Futures Group Philippines Inc.. It registered as a general trading business that specializes in wholesale trading of agricultural products last June 22.

Cubero said SEC started receiving inquiries about Aman’s pyramid scheme from residents of Pagadian City.

They issued an advisory against Aman last Aug. 23 and reminded the public to be over-cautious about pyramiding schemes.

Cubero said companies require two types of registration.

The first licenses the operations of a company and the second requires endorsements from government agencies depending on the company’s nature and purpose.

Last Oct. 1st Aman Futures Group then tried to file as an investment company with the name Aman Investment Opportunities at the SEC.

By Oct. 8, Cubero said the SEC issued a cease and decease order against Aman Futures Group Inc. after their Zamboanga extension office showed they violated regulations.

The Aman pyramid scam has divested its 15,000 victims of nearly P12 billion of their savings and investments. /Correspondent Caryl Baylon