Financial literacy campaign apprises on investment frauds

By Kim Villafuerte

The Securities and Exchange Commission Legazpi Extension Office (SEC-LEO) initiated a financial literacy program that campaigns to educate Bicolanos on managing personal finances, identifying investment schemes and making informed investment decisions, discouraging the public from participating in investment frauds.

According to SEC-LEO Officer-in-Charge Atty. Norma Tan-Olaya, the program teaches basic budgeting principles focusing on the importance of spending less than what an individual earns so they can save a portion of their income and utilize it properly.

It teaches the participants how to recognize and avoid unauthorized investment solicitations such as schemes that promise unrealistic returns like “double your money” offers.

Moreover, the program also offers guidance on legitimate investment options for those willing to invest.

It is to be noted that the SEC has observed a rise in investment scams nationwide since the pandemic. As said by Atty. Tan-Olaya, one reason is that social media has made it easier for scammers to reach potential victims across different regions. For example, someone from Bicol can easily fall victim to an investment scam in Mindanao through a simple Facebook post, which shows the need for a financial literacy program.

Additionally, Atty. Tan-Olaya encourages the public to avoid “too good to be true” investment offers. Even if someone they know has benefited from such schemes, it is important not to participate in unauthorized investment solicitations. Reporting these scams to the Philippine National Police (PNP) and the National Bureau of Investigation (NBI) can help protect others from falling victim.

Through its financial literacy program, SEC-LEO aims to reduce the incidence of investment scams and promote good financial practices among Bicolanos.