Inter-agency body vs money scams set
In line with the DILG’s pursuit for peace and order, public safety and security, we will protect the people from investment scams and other fraudulent schemes
Local government units will have the authority to act on investment scams and to promote financial literacy under a deal between the Securities and Exchange Commission, or SEC, and the Department of the Interior and Local Government, or DILG.
On 7 November, the SEC and the DILG signed a memorandum of agreement to formalize their partnership through the SEC Capital Market Promotion and Awareness Inter-Agency Network.
"In line with the DILG's pursuit for peace and order, public safety, and security, we will protect the people from investment scams and other fraudulent schemes. The SEC, DILG and the LGUs will collaborate for the swift reporting, investigation and apprehension of scammers who victimize Filipinos," SEC chairperson Emilio Aquino said during the signing ceremony.
"We will work hand-in-hand in building and sustaining progressive and resilient communities in the country. We will not let up until our kababayans in the 82 provinces, 148 cities, 1,486 municipalities, and 42,027 barangays have achieved financial awareness, stability and freedom," he added.
Financial literacy on agenda
Under the agreement, financial literacy programs and investment scams awareness activities would be promoted, allowing the public to gain knowledge on financial and debt management.
"By entering into this partnership, DILG and SEC shall now work together to address the growing concern on investment fraud in the country," Interior Secretary Benjamin Abalos Jr. said during the signing ceremony.
"This collaborative endeavor aims not only to safeguard investments of citizens but also empower them and government offices with knowledge and awareness so they can arm themselves from pitfalls of deceit," he added.
Formally launched in 2020, the SEC network initially had 11 partner-organizations from the public and private sectors.
It has since expanded to a total of 127 partners, widening the reach of the Commission's financial literacy programs toward the enhanced protection of the investing public.