Padlock firms tagged in investment scams — Duterte

DAVAO CITY, Philippines — President Duterte has put his foot down against companies involved in investment scams in Southern Mindanao, including religious corporation Kapa-Community Ministry International (Kapa).

“When it is too good to be true, it must be fraud... Let it not be said that I did not warn you. You guys in pyramiding, pity your family and your children,” the President said in an interview over Sonshine Media Network Inc. before dawn yesterday. 

Duterte ordered the National Bureau of Investigation, Criminal Investigation and Detection Group and Philippine National Police (PNP) to shut down those companies.

“Imagine your P100,000 would earn P30,000 a month. Even the Bangko Sentral can give only three percent annually... Even the Bank of America cannot afford to pay you P30,000 every month for your P100,000,” the President said.

The Securities and Exchange Commission had earlier ordered Kapa to stop soliciting investments without the necessary license. The agency said it found substantial evidence that the corporation has been offering and selling securities in the form of investment contracts.

Brig. Gen. Marcelo Morales, Southern Mindanao police director, said they would monitor companies selling certain products in the guise of luring people to invest their money.

Morales said PNP personnel who join these schemes could be held liable for insubordination and violation of ethical standards and could not expect any help if they are victimized.

Davao City Mayor Sara Duterte-Carpio warned investment companies against operating in this city unless they have the necessary permits and licenses.