ZAMBOANGA CITY, 16 Nov (PIA) – The Securities and Exchange Commission (SEC) has joined forces with the Department of the Interior and Local Government (DILG) to strengthen the capabilities of local government units (LGUs) in combating investment scams and fostering financial literacy nationwide.
In a press release, the SEC and the DILG formalized on November 7 their collaboration by signing a memorandum of agreement, solidifying their partnership within the SEC Capital Market Promotion and Awareness Inter-Agency Network (SEC CAMPAIGN Network) under the SEC CAN! (Communication, Advocacy, and Network) Initiative.
The DILG is set to become a pioneering member of the SEC Anti-Scam and Illegal Taking of Investments Group (SEC ASTIG), a specialized subgroup of the SEC CAMPAIGN Network dedicated to proactive and swift enforcement actions against investment scams and other exploitative practices facilitated through corporate misuse.
Emphasizing the DILG’s commitment to peace, order, public safety, and security, SEC Chairperson Emilio B. Aquino stated during the signing ceremony at The SEC Headquarters in Makati that the collaboration aims to shield the public from investment scams and fraudulent schemes. The SEC ASTIG, fueled by the DILG and LGUs, will coordinate efforts for the prompt reporting, investigation, and apprehension of scammers victimizing local communities and fellow Filipinos.
“In line with the DILG’s pursuit for peace and order, public safety and security, we will protect the people from investment scams and other fraudulent schemes,” Aquino said.
Aquino highlighted their joint efforts to build and sustain progressive and resilient communities across the country. He affirmed, “We will not relent until our fellow Filipinos in the 82 provinces, 148 cities, 1,486 municipalities, and 42,027 barangays attain financial awareness, stability, and freedom.”
As outlined in the agreement, the SEC and DILG will collaborate on designing and implementing financial literacy programs and initiatives to raise awareness about investment scams, equipping the public with knowledge on financial and debt management.
DILG Secretary Benjamin C. Abalos, Jr., expressed his perspective during the signing ceremony, noting, “By entering into this partnership, DILG and SEC shall now work together to address the growing concern on investment fraud in the country.” He underscored that the joint endeavor aims not only to safeguard citizens’ investments but also to empower them and government offices with knowledge and awareness, enabling them to guard against the pitfalls of deceit.
Launched in 2020, the SEC CAMPAIGN Network initially comprised 11 partner organizations from the public and private sectors. Since then, it has grown to include a total of 127 partners, expanding the Commission’s financial literacy programs to better protect the investing public. (EDT/RVC/PIA9 with reports and photo from SEC-9)
