The Pres­i­dent and in­vest­ment schemes

Sun.Star Cagayan de Oro - - Opinion -

PRES­I­DENT Ro­drigo Duterte drew flak on so­cial me­dia fol­low­ing his com­ments re­gard­ing the Kapa Com­mu­nity Min­istry In­ter­na­tional, Inc. (Kapa). Dur­ing an in­ter­view in Pas­tor Apollo Qui­boloy's tele­vi­sion pro­gram Give Us This Day, aired on Satur­day, June 8, Duterte de­scribed Kapa as a "con­tin­u­ing crime" and a pyra­mid­ing scheme.

The Pres­i­dent or­dered an in­ves­ti­ga­tion and clo­sure of Kapa and other in­vest­ment schemes.

"That is why NBI (Na­tional Bureau of In­ves­ti­ga­tion)... sir­a­han mo na sila... upon my or­ders," Duterte said.

Qui­boloy, founder of the King­dom of Je­sus Christ, The Name Above Ev­ery Name, Inc., men­tioned Kapa fol­low­ing their dis­cus­sion on the anom­aly in PhilHealth.

When news broke out in ma­jor me­dia out­fits a lot of sup­port­ers ex­pressed frus­tra­tion to the Pres­i­dent, Pas­tor Qui­boloy, and the me­dia out­fits. Many threat­ened to stop sup­port­ing the Pres­i­dent and oth­ers called Qui­boloy names.

The me­dia were ac­cused of fake news say­ing that the in­ter­view was aired in 2017, they have screen­shots that seeks to dis­credit the me­dia but can­not pro­vide a link. The me­dia based their sto­ries and re­ports on what the pres­i­dent said val­i­dated by two of­fi­cial sources -there is the full tran­script from the Pres­i­den­tial Com­mu­ni­ca­tions Oper­a­tions Of­fice (PCOO) and a video of the full in­ter­view on the Youtube channel of Pas­tor Qui­boloy. The tran­script was posted on June 8 and can be down­loaded from the PCOO web­site while the video was streamed live on the same date. Hence, the re­ports re­leased by the me­dia are val­i­dated and true.

Clearly, what the pres­i­dent has said may have hurt many in­di­vid­u­als who have "do­nated" money to Kapa and ben­e­fited from it. We will not dis­count the sto­ries that there are those who have also ben­e­fited from it.

How­ever, in­vestors of Kapa and other fast money or in­vest­ment schemes have to un­der­stand that these firms are il­le­gal in the eyes of the law. The Se­cu­ri­ties and Ex­change Com­mis­sion (SEC) has re­it­er­ated why these firms are il­le­gal and vi­o­lat­ing the law. Among these vi­o­la­tions in­clude sell­ing se­cu­ri­ties with­out a reg­is­tra­tion filed with and ap­proved by SEC, which is in vi­o­la­tion of Repub­lic Act 8799 or the Se­cu­ri­ties Reg­u­la­tion Code.

Sup­port­ers of these kind of schemes claim that those who en­ter in these schemes are en­ter­ing a risk. One of those risks is these firms op­er­at­ing in vi­o­la­tion of laws that cover in­vest­ment firms. They may call it do­na­tion or what­ever terms they use but in the eyes of the law they are vi­o­la­tors un­less they have the proper doc­u­ments to deal with se­cu­ri­ties.

Since they may be in vi­o­la­tion of the law, one day the govern­ment will act on these and shut these down; rega,dless if these schemes have helped you or not. It is the re­al­ity you have to face.

If these in­vest­ment schemes want to con­tinue to op­er­ate, they have to le­gal­ize their oper­a­tions. Not only hav­ing a busi­ness per­mit but if they are deal­ing with se­cu­ri­ties, then they will have to also fol­low the stan­dards set by SEC and by the law that gov­erns them.

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