1M Filipinos Lost PhP25B to Investment Scams
One in every 100 Filipinos has fallen prey to various investment scams that lure people with hefty returns in a short period of time, wiping out more than PhP25 billion worth of hard-earned money to date.
Lalaine Monserate, assistant director in charge of investigations and prosecution at the Securities and Exchange Commission (SEC), said in a briefing yesterday that the most prevalent scams were done through the “Ponzi” and “pyramiding” schemes. Based on conservative estimates, she said as many as one million Filipinos have been victimized by investment scams. This estimate based on reports reaching the SEC rather than the actual number of complainants was equivalent to about one percent of the Philippine population.
Source: Philippine Daily Inquirer