BOLINAO, Pangasinan July 23 (PNA) -— The provincial employment and services office (PESO) alerted the public in Pangasinan over alleged investment scams amid reports that several persons were victimized and robbed of the hard-earned money that they had invested.
PESO chief Alex Ferrer made the warning as he revealed that his office already coordinated with the police in Bolinao town to investigate the report that several people in that town were victimized by the so-called double-your money scam.
“We have not gathered sufficient data regarding the complaint but we are already looking into the matter,” said Ferrer.
He said the PESO will soon release guidelines on how to detect a legitimate networking company from scams, which will be included in their career guidance seminars for job seekers in the province.
“Networking is also a means to earn, a business although not the traditional way, wherein you promote a product and you earn when somebody buys that product”, said Ferrer.
He explained legitimate networking companies are registered with the Securities and Exchange Commission (SEC), and the products that they sell are also registered with the Bureau of Food and Drug Administration (BFAD) and Food and Drug Authority (FDA) unlike the pyramiding scam which depends only on the recruitment of people who will invest certain amount of money.
“But they (networking firms) should make sure that the products are safe and effective as they personally tested it themselves”, said Ferrer.
He said with legitimate networking companies, a member can earn even by just retailing and not recruiting.
Ferrer warned the public on the high risk in investing with double-your-money scheme businesses which are common nowadays.
“In this scam, it might only be good for sometime but later on it might just disappear along with your hard-earned money”, said Ferrer. (PNA)