Lawmaker calls for inquiry into investment scams

ABS-CBN News

Posted at Dec 09 2012 07:39 PM | Updated as of Dec 10 2012 05:43 PM

MANILA, Philippines -- Aurora Rep. Juan Edgardo Angara has called for a congressional inquiry into the investment scams that plagued Mindanao in the past few months.

He urged the House Committee on Banks and Financial Intermediaries to look into the operations of the Aman Futures Group Philippines Inc., Rasuman Group, Visioner 2020 and other corporations supposedly engaged in fraudulent investment scams.

He also asked the committee to invite officials of the Securities and Exchange Commission (SEC) to shed light on the matter.

"Despite existing laws that provide protection on investors and minimize if not totally eliminate insider trading and other fraudulent or manipulative devices and practices which create distortions in the free market, government agencies which have jurisdiction over corporations have failed to stop the proliferation of investment scams,” he said.

He noted Filipinos should be able to improve their financial literacy via the development of programs in educational institutions.