SEC partners with DSWD 7 to fight investment scams

THE Securities and Exchange Commission-Cebu Extension Office (SEC-CEO) sealed its partnership with the Department of Social Welfare and Development Central Visayas (DSWD 7) as its sixth SEE (Scam-proof, Equipped, and Empowered) partner in the SEC Communication, Advocacy and Network (SEC-CAN) program on Oct. 28, 2022.

SEC-CEO Director Sheara L. Lupango-Tamayo said that through this partnership “combating these illegal activities (investment scams) is going to be a lot easier and faster” for both agencies who share the mandate of ensuring the well-being of the public.

In the case of the SEC, it is mandated to protect the investing public from fraudulent investments and enhance financial literacy.

“We share the journey of taking a step together in ensuring a better economy for everyone through financial literacy and making the right choices in investing,” Lupango-Tamayo said.

DSWD 7 Director Shalaine Marie Lucero, for her part, said, “Helping SEC fulfill its mandate could also help us, especially in financial literacy for the employees and beneficiaries of our programs and beneficiaries.”

SEC has an investment checklist to know if investment offers are legitimate, the Philippine Information Agency reported.

According to SEC, a contract is legal when the company can present the following: (1) SEC certificate of incorporation, (2) articles of incorporation, (3) company bylaws, (4) order of registration containing investment contract, (5) certificate of permit to offer securities for sale, (6) certificate of registration of licensed investment broker or salesperson, and (7) registration statement or prospectus containing the nature of business and risk of investment.