BAGUIO CITY – The Dept. of Interior and Local Government (DILG) has warned the public against transacting business with four investment companies identified by the Securities and Exchange Commission (SEC) as having no authority to solicit investments.
In a memorandum furnished Mayor Mauricio Domogan, Undersecretary for Local Government Austere Panadero identified the entities as the Golden Heart Helping Hand Foundation, Programme Blessing for the Filipino People Association Inc., Kappa (Kabus Padatoon) and the Bullion Buyer Ltd.
According to Panader the SEC had warned the public on the modus operandi of the said firms: Golden Heart is said to be visiting barangays in Iligan City and promising residents of financial assistance for a minimal registration fee of P20 while the Blessing group is known to be operating in CARAGA Region soliciting money from the public for registration and processing of ATM cards in exchange for receiving P50,000 a month from an international foundation.
Kappa is said to be selling unregistered securities in Bislig City Surigao Del Sur while Bullion is found to be proliferating in Baguio City by organizing groups of coordinators who are asked to recruit beneficiaries with a promise that they will receive P10,000 a month for four years and 11 months starting February 2017 plus a grant of P500,000 for livelihood programs in exchange for an initial fee of P30 upon recruitment.
“The SEC is advising the public to refrain from investing in these investment activities and to take necessary precautions in dealing with the (said) entities and or their representatives as they are not authorized to solicit investments,” Panadero said.
It will recalled that Mayor Domogan early this year cautioned the public against joining investment companies that collect large sums in exchange for unsure profits after receiving complaints against the Bullion firm.
“We don’t want anyone to fall victim to scams so we should always be careful,” he said. /Aileen P. Refuerzo