“Open-Minded Ka ba?” POEA warns OFWs on investment scams

The Philippine Overseas Employment Administration has advised overseas Filipino
workers to be cautious in dealing with persons or group of persons that offer “highyielding”
investments.

A group of OFWs currently working in the Kingdom of Saudi Arabia reported that they
were recruited by Sangguniang Masang Pilipino International Incorporated (SMPII), a
Philippine-based non-profit organization and encouraged them to make an investment
with ALMASAI Finance and Investment (now ALMASAI Equity Holding Corporation).
ALMASAI, which has office address at EDSA, Barangay Socorro, Murphy, Cubao,
Quezon City is reportedly owned by a certain Elpidio Reyes Tanaliga Jr.

The OFWs said they were required to put an initial investment of Php50,000.00 with a
guaranteed interest of 5 percent each month. ALMASAI allegedly issued 13 postdated
checks—12 checks for the monthly earning of the investment and the 13th check as
payment of capital investment.

The workers, after making investments reaching up to Php100 M, are now
complaining that they are no longer receiving any of the promised interests and have
lost contact with Tanaliga. They alleged that the checks issued supposedly for their
monthly earnings were declined by the bank due to insufficient fund.
Previously, the Securities and Exchange Commission (SEC) has warned the public to
stop putting money in this kind of investment scheme which may turn out to be
fraudulent. Those who invite or recruit other people to join or invest in this venture or
offer investment contracts or securities to the public may be held liable in accordance
with law.

Source: POEA

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

This site uses Akismet to reduce spam. Learn how your comment data is processed.