CDO pushes for creation of anti-scam body

• Source: https://pia.gov.ph/news/articles/1014667
• Thursday, November 8, 2018

(CdeOSP)

CAGAYAN DE ORO CITY (PIA) -- To protect investors from falling prey to unscrupulous cryptocurrency and other investment scams, Cagayan de Oro 18th City Council is pushing for the creation of an anti-scam body similar to what was created in Davao City.

“We want to come up with something to protect our investors in the city,” said Councilor George S. Goking, committee chair on trade and commerce, citing reports that scams are now proliferating.

During the committee meeting, City Price Coordinating Council (CPCC) head Atty. Edgardo "Egay" Uy cited the urgency of the matter and the need to find ways to protect the city’s constituents from scams.

“If we let it go unattended, people will suffer,” he stressed.

Atty. Uy said the city’s public information system must be strengthened as a preemptive and preventive measure.

He added that hotels must require companies to present their business permits before they allow their facilities to be used for launching programs. This is one way they can help prevent scams, he explained.

“Those who will book for launching events must present their business permits, whether special or permanent as a preventive measure,” he added.

Supporting the drive against cryptocurrency scams, Securities and Exchange Commission (SEC) counsel Atty. Frederick Enopia requested the City Treasurer’s Office for a list of corporations operating such kind of business in the city.

“This can be verified in the database whether they are registered with the SEC,” he said.

Aside from this, it was agreed that there is a need to create a body that will look into these scams.

Councilor Goking requested Atty. Uy to organize a task force and endorse this to the office of the city mayor for executive action.

PERA PADALA

The operation of easy money transfer businesses such as Pera Padala will also be looked into by the committee.

“The system is loose to the advantage of illegal activities,” councilor Goking cited in response to complaints that only a referral code is needed for a person to claim money in one Pera Padala center.

Councilor Edna M. Dahino, vice-chair of the committee, cited that stakeholders must be invited to get information and inputs on the matter.

Councilor Goking said his committee will invite Pera Padala owners, Banko Sentral ng Pilipinas (BSP), bankers association, and other departments and agencies, among others, for a meeting two weeks from now.