SEC, DILG tie up vs investment scams

BAGUIO CITY — The government’s regulatory body Securities and Exchange Commission (SEC) has partnered with the Department of the Interior and Local Government (DILG) to empower local government units (LGUs) against investment scams flourishing around the Philippines.

The SEC and the DILG signed on November 7 a Memorandum of Agreement (MOA) to formalize the partnership through the SEC Capital Market Promotion and Awareness Inter-Agency Network (SEC CAMPAIGN Network) under the SEC CAN! (Communication, Advocacy, and Network) Initiative that also promotes financial literacy across the country.

The DILG will be a pioneer member of the SEC Anti-Scam and Illegal Taking of Investments Group (SEC ASTIG), a sub-group of the SEC CAMPAIGN Network focused on proactive and prompt enforcement actions against investment scams and other predatory practices carried out through the misuse of the corporate vehicle.

“In line with the DILG’s pursuit for peace and order, public safety and security, we will protect the people from investment scams and other fraudulent schemes. The SEC ASTIG, powered by the DILG and the LGUs, will collaborate for the swift reporting, investigation and apprehension of scammers who victimize our kababayans and local communities,” SEC Chairperson Emilio Aquino was quoted by the Commission’s press communique released on Wednesday morning as saying during the November 7 MOA signing rites at The SEC Headquarters in Makati.

“We will work hand-in-hand in building and sustaining progressive and resilient communities in the country. We will not let up until our kababayans in the 82 provinces, 148 cities, 1,486 municipalities, and 42,027 barangays have achieved financial awareness, stability and freedom,” he emphasized.

Such MOA mandates the SEC and DILG to work together to design and develop financial literacy programs and investment scams awareness activities, allowing the public to gain knowledge on financial and debt management.

During the MOA signing, Interior Secretary Benajmin Abalos Jr. said that “by entering into this partnership, DILG and SEC shall now work together to address the growing concern on investment fraud in the country.”

“This collaborative endeavor aims not only to safeguard investments of citizens but also empower them and government offices with knowledge and awareness so they can arm themselves from pitfalls of deceit,” he added.

Launched in 2020, the SEC CAMPAIGN Network initially had 11 partner- organizations from the public and private sectors. It has since expanded to a total of 127 partners, widening the reach of SEC’s financial literacy programs toward the enhanced protection of the investing public