The Philippine Embassy in Abu Dhabi warned overseas Filipino workers (OFWs) in UAE of dealing with unregistered investment schemes targeting OFWs promising big returns in a short period of time.
Charge d’ Affaires Rowena Pangilinan-Daquipil released the reminder following an advisory released by Philippine-based Securities and Exchange Commission (SEC) stating that Paysmart Limited Philippines (PAYSMART), an investment group, is not a registered and accredited investment group by the Philippine government.
“Per SEC’s records, PAYSMART is not registered as a corporation or partnership and is not authorized to solicit investments from the public as said entity did not secure prior registration and/or license to solicit investment from the SEC as prescribed under Section 8 of the Securities Regulation Code,” Pangilinan Daquipil said.
PAYSMART allegedly targets OFWs in Dubai, Italy, and Norway and promises a return of investment (ROI) of 30 percent in 15 days, and an ROI of 60% in 60 days in exchange of investment ranging from $23 (Dh84.48) to $9,000 (Dh33,058).
The embassy reminded OFWs to be careful with investing their money as some unregistered investment groups may end up being fraudulent.
