BSP Deputy Governor Chuchi Fonacier (File photo courtesy of BSP FB page)
MANILA -- The sustained robust growth of the domestic economy has allowed more people to increase their income and improve their lives, monetary officials said.
However, the rise in disposable income has also given con artists more opportunities to take advantage of other people’s money.
Thus, the Bangko Sentral ng Pilipinas (BSP) has strengthened its partnership with local government units (LGUs) to widen the reach of its financial literacy program, to help educate people on how to wisely save or invest their hard-earned money.
BSP Deputy Governor Chuchi Fonacier told the Philippines News Agency (PNA) that because the country is an archipelago it is hard to fully cover all parts of the country without the help of LGUs and the private sector.
She explained that local government officials “would be the first to know what's happening on the ground, or at the surveillance level.”
“When things seem to be developing into something ‘unusual’ at the LGU level, this is where partnership with the LGU would be beneficial in alerting concerned government agencies,” she said.
“Or we can put it this way, that the LGU would be in a position to identify the vulnerabilities in their respective areas where the BSP together with other government agencies like the SEC (Securities and Exchange Commission), IC (Insurance Commission) can focus on as far as fin-ed (financial education) is concerned,” she said.
“This (partnership among the BSP, LGUs and the private sector) is still a work in progress at this point,” she added.
While the tie-up may help raise public awareness on investment scams, there will always be people vulnerable to get-rich-quick scams, some even sell their land or farm animals in hopes of reaping huge returns on their investments.
The latest of these alleged scams involves officials of Kapa Ministry, whose assets amounting to more than PHP100 million have been ordered frozen upon the request of the SEC.
President Rodrigo R. Duterte earlier ordered the shutdown of the Davao-based Kapa Community Ministry International and dubbed the group’s investment scam as the worst in the country in recent years.
Earlier, SEC said the Kapa Ministry enticed investors by promising a 30 percent monthly return for their donation of at least PHP10,000. (PNA)
