Church alarmed by investment scams

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THE Catholic Church expressed alarm over the proliferation of investment scams in the country, duping unsuspecting Filipinos of billions of pesos of their hard earned money.

Manila Archbishop Luis Antonio Cardinal Tagle on Friday denounced the brains behind the scams, saying that the act is a blatant disregard for the dignity of every human being.

“It is sad [that]a lot of people gave all their savings but it amounted to nothing,” said Tagle in Filipino over church-run Radio Veritas.

The prelate appealed to scammers to stop making a living out of deceiving people, stressing that dignity, in its thousand forms, should always be at the heart of work.


“Work should always remain noble and that earning money should not come at the cost of destroying other people’s lives,” he added.

Money, according to Tagle, is not everything but lightening the burden of those in need is more important.

SEC admits to increasing number of investment scams

The Securities and Exchange Commission (SEC) has admitted that the number of investment scam incidents has increased this year, particularly in the provinces where the people are easily convinced for lack of knowledge and information about investments.

In 2012, Aman Futures Group Philippines Inc. ran away with some P12 billion investments of investors that include politicians, businessmen and ordinary workers.

This year, One Dream Marketing Inc. was also exposed after it failed to pay the interest it promised to investors, including overseas Filipino workers.

CBCP asks for authorities’ vigilance

Bishop Ruperto Santos earlier asked authorities to prosecute those involved in the crime.

“They (scammers) should be brought to justice, prosecuted and convicted and their hard-earned money should be returned,” said Santos of the CBCP’s Commission for the Pastoral Care of Migrants and Itinerant People.

He warned the faithful and religious people to be more cautious against fraudulent entities and investments scams.

 

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1 Comment

  1. After they get done chasing those scammers go after the scammers called the government. They steal more money than all the investment scammers put together.