Gov’t Warns Against Online Investment Scams Using Names of Public Officials and Celebrities

The current pandemic has put a lot of Filipinos in financially challenging situations. Scammers take advantage of this situation by offering fraudulent investment schemes to people who desperately need income.

One popular method used by online investment scammers is posting fake advertisements on social media. These fake ads claim that certain government officials or celebrities promote the said investment scheme.

No less than Department of Finance (DOF) Secretary Carlos Dominguez III and even President Rodrigo Duterte himself have been cited by these fake ads as endorsers of the subject online investment scam.

Department of Finance

Image: Facebook/Department of Finance

At present, two bitcoin investment platforms use such methods to attract investors. One even claimed that President Duterte himself is ‘urging all citizens of the Philippines to learn about the platform quickly to get involved.’

The DOF has immediately clarified that the government is in no way involved with such fraudulent investment schemes. The said government agency further reminds the public to be cautious with their finances and refrain from investing with questionable entities. The public should immediately report suspicious individuals or companies to authorities such as the Enforcement and Investor Protection Department of the SEC and the National Bureau of Investigation’s Anti-Fraud Division.

online investment scam

Safe investments

While there are fraudulent online and offline investment schemes, there are legitimate ones that people can invest in and earn money in a safe and legal way.

The Securities and Exchange Commission (SEC) provides a list of firms and individuals permitted to sell investment products. This list is available at the SEC website, www.sec.gov.ph.

Another legitimate investment option is through government-issued securities such as Retail Treasury Bonds and Premyo Bonds offered by the Bureau of Treasury. These are among the safest investment because they are guaranteed by the government and offer fixed interest earnings which are paid quarterly.

Furthermore, these bonds help finance government projects and programs.

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