Outgoing Parañaque City Rep. Gus Tambunting on Friday downplayed suggestions that new laws should be enacted to counter investment scams.
Tambunting said there are enough laws against such business malpractices and it is just a matter of implemementing them.
"I do not think another law must be enacted. Our laws are already sufficient to protect our people against such investment schemes," Tambunting, outgoing chairman of the House Committee on Games and Amusement, said.
Tambunting was referring to the proposal of Rep. Alfredo Garbin of Ako Bicol Party-List's urging President Rodrigo Duterte to certify as urgent House Bill 8791 and Senate Bill 1334 which according to Garbin will "strictly regulate collective investment schemes and punish scammers."
The 17th Congress adjourned sine die last June 7 and all bills and resolutions filed under it that did not prosper have to refiled.
Garbin was reacting to the financial scandal involving the Kapa Ministry organization that allegedlly gave enormous interests on investments that were listed as “religious contributions.”
“If Finance Secretary Carlos Dominguez and the SEC recommend to President Duterte these two bills for certification as urgent and expediting in the 18th Congress, then that will greatly help. These bills address many of the issues that allowed entities like the Kapa Community Ministry to flourish,” said Garbin one of the principal authors of HB 8791.
The twin measures provide for the comprehensive regulatory and legal framework for collective investment schemes.
But as far as Tambunting is concerned, the Revised Penal Code has enough provions that will address investment scams such as Kapa.
He said that having too many laws without having them implemented or enforced properly or effectively will be useless.
“The Revised Corporation Code contains new provisions which can make the scammers behind the Kappa controversy liable. We just need to enforce it.”