QUEZON CITY, (PIA) –The Department of the Interior & Local Government (DILG) on Tuesday (Nov. 7) signed a Memorandum of Agreement with the Securities & Exchange Commission (SEC) represented by Chairperson Emilio Aquino, in support of the Agency’s campaign against particularly the Anti-Scam and Illegal Taking of Investments Group (ASTIG).
During the signing ceremony, SILG Benhur Abalos revealed that around 8,000 online scam victims in the country have already lost some P155 million to various con artists employing all sorts of fraudulent schemes from January to August this year.
Abalos said the data came from the Philippine National Police – Anti-Cybercrime Group (PNP-ACG), which has been waging a relentless war against online scammers who appear to be always innovating when pulling off their dirty tricks.
The MOA is designed to support the SEC’s campaign against financial scams,
“This partnership is very timely as we need to educate the public about the fast-growing menace of investment frauds,” Abalos said.
The SEC and DILG will collaborate to equip Filipinos with the knowledge of financial principles and on avoiding the traps and techniques of investment scams.
These efforts will lead to early reporting and detection of any illegal financial schemes.
According to Aquino, the DILG, as overseer of local government operations, serves as the SEC’s “best link to investor education and protection” at the grassroots level.
“I am confident that the DILG, as purveyor of excellence in local governance, will be a key driving force to the network’s greater success,” he said. (dilg/pia-ncr)
