The Securities and Exchange Commission (SEC) ramped up efforts to combat financial scams as personal wealth in the country continues to grow.
The initiative aims to enhance investor protection and ensure market integrity.
Scammers are becoming more advanced and sophisticated in their techniques as new technologies arise, according to SEC chairman Emilio Aquino.
“As such, the SEC must constantly improve its investigation and enforcement capabilities to ensure that we are always one step ahead in preventing scams,” Aquino said.
The SEC’s enhanced strategy includes the adoption of advanced technology for better fraud detection, increased surveillance of high-risk financial sectors, and strengthened collaboration with other regulatory agencies and law enforcement bodies.
The commission is also focusing on public education to help investors identify and avoid potential scams.
Recent reports indicate a rise in various types of financial fraud, including Ponzi schemes and deceptive investment schemes.
The SEC is encouraging the public to report any suspicious activities and to verify investment opportunities through official sources.
“To protect the investing public and other financial consumers, we relentlessly went after fraudulent investment schemes and illegal lending through convictions, corporate revocations, cease-and-desist orders, and public warnings,” Aquino said.
The SEC said its increased efforts underscore its commitment to maintaining a secure and transparent financial environment in the Philippines amidst a rapidly evolving market landscape.
While strictly monitoring proliferation of scams, the SEC is also advancing reforms and programs that would enable the growth of the capital market and the broader corporate sector as the economy improves.
“The COVID-19 pandemic has caused many financial problems for a lot of MSMEs around the country. We at the SEC hope to stem their financial woes by providing possible solutions to these enterprises, particularly through the capital market and crowdfunding,” Aquino said.
