How to avoid investment scams
MANILA, Philippines - Filipinos should take the time to learn about investment instruments before deciding to put their well-earned money in any facility and to avoid falling victim to scams, a financial coach said.
"If you want to make money, take the time to understand what it is you're investing in," Salve Duplito, financial coach and host for ANC's On The Money, told ANC's Top Story Thursday night.
Her comments came in the wake of the investigation currently being done on trading firm Aman Futures, said to be behind an alleged P12-billion scam in which thousands in the Visayas and Mindanao were duped.
Duplito said there are currently a lot of financial instruments available to the public wanting to make their money earn rather than let it sleep in banks.
"If you don't want to go into the stock market, there are different options. There are mutual funds ... there is also the SDA (special deposit accounts) [facility] of the Bangko Sentral ng Pilipinas and there are corporate bonds," Duplito said.
"There are different avenues for investments. You can even buy real estate and that's a better investment than scams," she added.
People should consult and talk with their local bankers regarding their investments, Duplito said.
Moreover, they should check first the records or viability of a company they are interested in investing with government agencies such as the Securities and Exchange Commission.
"These things (scams) always fall down like a house of cards. They will eventually fall down and the question is: kasama ka ba dun sa makaka-pull-out ng pera or kasama ka doon sa maiiwan," Duplito said.
Some 15,000 people in the Visayas and Mindanao fell victims to the Aman Futures scam, according to news reports.
The Department of Justice, National Bureau of Investigation, and the Department of Interior and Local Government are heading the investigation on said trading firm.