DAVAO CITY, Philippines – The proliferation of various investment scams has no effects on the continuing economic growth in Davao City.
This was the assurance made by the Davao City Investment Promotion Center (DCIPC) on Wednesday.
Christian Cambaya, head of the Assistance and Servicing Unit of DCIPC told reporters that despite the mushrooming of some opportunities that offer high interests to the public, the economic stability of the city remains active and growing.
Cambaya emphasized that such has no significant effect in Davao’s economy considering that a number of local and foreign companies continue to signify their willingness to invest in the city.
In inflow of proposed investments is driven by the high economic growth of Davao City, he added.
“The effect of these money schemes to our economy is only minimal,” Cambaya said, noting that there is no reason for the business sector to be alarmed.
He said most of these easy money investment schemes are operating in the adjacent provinces and cities in Davao and other regions.
On Tuesday, the Police Regional Office in Davao Region (PNP-11) has directed all police offices in the area to “implement the full force of law” regarding the illegal operations of any easy money schemes.
The PNP-11 memorandum also ordered the investigation and arrest of all operators, including the marketing or establishments having no pertinent legal documents for their easy money operations.
“Likewise, provide necessary police assistance to the Securities and Exchange Commission in enforcing its any legal orders against KAPA (Kabus Padatuon) – Community Ministry International Inc. and other easy money schemes in accordance with the police operational procedure,” the PNP-11 memorandum added.
It also reminded all its police personnel “not to indulge in an easy money scheme nor invest the same.”
On April 3, the Securities and Exchange Commission (SEC) revoked the certificate of corporation registration of KAPA Community Ministry International Inc. founded by Pastor Joel A. Apolinario.
KAPA entices people to invest money in means of donations with a promise of a 30 percent monthly return.
Following the advisory, on May 24, SEC warned the public against investing to another easy money scheme operation, the Rigen Marketing.
SEC has also issued warning against other money schemes monitored of having operations in Davao and the nearby regions.
On May 29, authorities advised another investment establishment called Jogle Marketing to stop its operations for failure to present legal documents.
PNP-11 regional director P/Brig. General Marcelo Morales reminds the public to take precaution “not to become victims” of the scam that was previously reported.
“PNP-11 is conducting continuous monitoring on the different money investment schemes companies operating in the region,” Morales said. (davaotoday.com)