Agency to conduct forum on get-rich-quick schemes

THE DEPARTMENT of Trade and Industry (DTI)-Davao City Field Office is planning to conduct an advocacy forum within the quarter to prevent the public from falling prey to get-rich-quick schemes.

DTI Davao City Field Office director Edwin O. Banquerigo said it is high time for the agency to strengthen its campaign against companies that engage in illegal public offerings and sale of securities in the guise of retail and trading.

One example, Banquerigo said, is Jacama Sales and Marketing, which the city government closed down two weeks ago. The company’s name was registered for wholesale and retail, he said.

Though the company’s business name was registered before DTI, Banquerigo said it is not an assurance that it has license to do business. “DTI’s business name registration is not a license to do business. It just gives an authority to have a business name,” he said.

He added that for companies to do business, they must secure permits from local government units and that these permits if the company failed to secure a secondary license from Securities and Exchange Commission when it engaged into investments.

On Jan. 14, the SEC issued an advisory that warned the public from venturing in Jacama Sales and Marketing, which has operations in the city.

“Based on the marketing scheme of Jacama, as posted on their Facebook account, any person who wants to be a member may choose among ‘package schedule’ and pay an amount ranging from P1,800 up to P1.8 million,” cited the advisory of the SEC.

The member can receive a package product and six company vouchers upon payment of the chosen package.

SEC said “Jacama Sales and Marketing is not authorized to solicit investments from the public as it has not secured the necessary license or permit from the Commission as required under Sec. 8 of the Securities Regulation Code.”

Sec. 8 of Securities Regulation Code cited that “securities shall not be sold or offered for sale or distribution within the Philippines, without a registration statement duly filed with and approved by the Commission.”

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