ABS-CBNnews.com | 12/21/2012 6:47 PM
MANILA, Philippines - The Securities and Exchange Commission (SEC) is warning the public about another investment scam targeting domestic helpers in the provinces.
In an advisory, the SEC said it has received reports that a group of persons or company operating in Cagayan Province, Ilocos Norte, Camiguin Island and Cagayan de Oro City, has been promising "hefty" returns on investments. For instance, a P100 investment is assured of earning P900 a month.
The SEC did not name the company.
"The public should not invest their money in such fraudulent or suspicious transactions because the promise of earning a very high income which is too good to be true is false or an investment scam," the SEC said.
The SEC is urging the public to report such companies or individuals offering these high returns.
This comes months after Aman Futures scam, which allegedly defrauded billions of pesos from Filipinos in Mindanao.