SEC warns financial 'scam' entities amid Covid-19 pandemic

The outbreak of COVID-19 has dominated news in recent months and the big concern is

that the global economic impact could be more profound.  Local and Foreign Direct investment

play an important role in supporting economies during the recovery following the pandemics.

But we cannot say that all investments are legit. 

In the case of Cagayan De Oro about SEC warns financial scam entities, in terms of

money we cannot say no to 2% return daily of Maginvestka.Online offer or 200% return in 100

days specially to today’s crisis. The point that the Azenzo-Online, is similar to Kapa-Community

Ministry International it promises a 30% return in as early as five, 10 or 15 days and a 100%

‘Donation Return’ after 20 days, if it was me who is really eager to earn money in no time I will

invest in this two entities. But knowing that this entity or company is not registered in its office

as a corporation or partnership (said SEC) we cannot assure that they will help us to earn.

According to the section 8 of R.A 8799 securities shall not be sold or advertised for deal or

dissemination inside the Philippines, without an enlistment explanation properly recorded by the

Commission, therefor this entity is really a scam and people should be educated and wise when

using or expensing their money. If we “think before we decide” we can question the offer of the

entity, 2% a day is very impossible even the big companies cannot afford to offer 2% every

investor.  This kind of scheme is called “Pyramid Scheme” (define by Department of Justice)

which is an investment extortion that includes the installment of indicated returns to existing

investors from stores contributed by modern financial specialists, who are promised investment

openings creating tall returns with small or no hazard.  And scammers will be punished a life

time imprisonment according to the P.D 1689, therefor our investment will be useless and our

money 50/50 that it will be back.  2% a day return of your investment does not exist. Think about
the bank, people invest their money and bank give an annual percentage not daily percentage.

It’s not around how much cash you’re contributing, it’s almost how much time you’re permitting

that cash to develop. 

Investing is too risky, in our situation which has no work and not enough money to spent

for the needs of the family it is really hard to earn money.  And our economy is decreasing,

number of unemployed and underemployed increased. Yes, investors have a big contribution to

the economy that’s why some government workers tolerate those scammers because they are

paid. As a student I advised that we will use our skills to earn, invest on a registered company or

open a business. 

References:

 http://legacy.senate.gov.ph/lisdata/1463612173!.pdf

https://www.chanrobles.com/REPUBLIC%20ACT%20No.%208799,%20THE

%20SECURITIES%20REGULATION%20CODE,%20IRR%20&%20AIRR.pdf

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