The Philippines Securities and Exchange Commission (SEC) will tap local government units (LGUs) as part of the government’s intensified campaign against investment scams, amid the proliferation of get-rich-quick schemes in the country.
“SEC will engage LGUs in coordination with DILG (Department of Interior and Local Government) because companies, firms have to secure first business permits from LGUs before they can operate in localities,” said Armando A. Pan, Jr., officer-in-charge of the SEC Office of the Commission Secretary, in a text message on Sunday.
“So LGUs have to be watchful to ensure that businesses operating in their jurisdiction are legitimate,” Mr. Pan said.
The Department of Trade and Industry (DTI), through its Consumers’ Protection and Advocacy Bureau, and the SEC, through its Enforcement and Investor Protection Department, has instituted measures to warn the public against pyramid