A first-term congressman on Thursday urged the government to double its efforts to promote financial literacy in the wake of reports that the incidence of scams involving money has spiked during the pandemic.
The Securities and Exchange Commission recently said that it has issued 68 advisories regarding questionable investment offers during the ongoing public health crisis.
In separate advisories, the SEC urged the public to exercise caution in dealing with the following entities: Forsage, RCashOnline, and The Saint John of Jerusalem Knights of Malta Foundation of the Philippines Inc, among others.
“We need to crack down on these institutions that prey on our fellowmen and take advantage of the uncertain financial outlook of many families,” said Rizal Rep. Fidel Nograles.
“But more than this we also need to buckle down in educating our kababayan on financial matters; the more they know, the less the chances they will be duped.”