SEC recognized anew for campaign vs scam

MANILA, Philippines —  The Securities and Exchange Commission (SEC) has been recognized for its efforts in protecting the public against an emerging investment scam.

The SEC said it has received an award from the Presidential Communications Office (PCO) for its exemplary initiative to inform, educate and protect the public from fraudulent loan schemes.

In August, the commission launched its advance fee loan scam FAQ reel series to address frequently asked questions about advance fee loan scams through easy-to-understand and relatable language to help the public identify and avoid fraudulent loan schemes.

According to the SEC, the advance fee loan scam was an emerging scheme that traps borrowers into paying advance fees before the payout of loans.

The PCO recognized the commission for its advance fee loan scam FAQ reel series during the first ever Parangal: Gawad sa Kahusayan sa Komunikasyong Pampubliko.

The flagship ceremony recognized outstanding communication campaigns and strategies of national government agencies and local government units that contribute to improving public understanding of government programs, promoting transparency and accountability as well as building trust between the government and the public.

“It is an honor to be recognized by no less than the Office of the President for our communication initiatives,” SEC chairperson Emilio Aquino said.

“The Parangal we received serves as a testament to our unwavering efforts to inform, educate and engage the public to help them realize their entrepreneurial aspirations, guide them toward smart investing and protect them from fraud in order to secure their financial future,” he said.

The SEC has been relentless in its efforts to stamp out illegal investment-taking activities through financial literacy campaigns and advisories to the public.

In 2023, the SEC issued 129 advisories and warnings against entities and individuals operating without the required licenses from the commission.

The commission said that the offering and selling of securities in the form of investment contracts using the Ponzi scheme is not a registrable security.