Sunday, November 17, 2019

Sep 23 18, 9:15 am

African health minister says condoms made in China ‘too small’

A condom manufacturer in China is now looking to make more products of different sizes following a complaint by a Zimbabwe health official that contraceptives made in China were “too small.” Health Minister David Parirenyatwa said the condoms being exported to the...

Weather bureau: UAE rains to continue until next week

The National Center of Meteorology (NCM) announced that rains will persist until next week. The announcement was made after a weather bulletin was issued on continuous rains over the weekend. “Convective clouds formation associated with rainfall, fresh winds and rough...

Asian man arrested in Dubai for drug smuggling

Authorities arrested a passenger at the Dubai International Airport over his alleged attempt to smuggle illegal drugs in the UAE. Police found 3.5 kilograms of illegal drugs wrapped around the 31-year-old man's body. In a report on the Khaleej Times, it was learned...

POEA warns OFWs on unauthorized investment schemes

by | News

Sep. 23, 18 | 9:15 am

The Philippine Overseas Employment Administration (POEA) has reminded overseas Filipino workers to be cautious of unauthorized investment schemes after a group of OFWs from Saudi Arabia have fallen victim to one of them.

POEA said that OFWs should only deal with persons or entities that offer investments which possess the necessary permit from the Securities and Exchange Commission (SEC).

A group of OFWs in Dammam and Al Hassa reported that they were recruited by Sangguniang Masang Pilipino International Incorporated (SMPII), a Philippine-based non-profit organization and encouraged them to make an investment with ALMASAI Finance and Investment (now ALMASAI Equity Holding Corporation).

The OFWs said they were required to put an initial investment of P50,000 with a guaranteed interest of 5% each month.

ALMASAI also allegedly issued 13 post-dated checks, 12 of which are for the monthly earning of the investment and another check as payment of capital investment.

ALMASAI, which has an office address at EDSA, Barangay Socorro, Murphy, Cubao, Quezon City is reportedly owned by a certain Elpidio Reyes Tanaliga Jr.

The workers, after making investments reaching up to P100 million, are now complaining that they are no longer receiving any of the promised interests and have lost contact with Tanaliga. They alleged that the checks issued supposedly for their monthly earnings were declined by the bank due to insufficient fund.

According to the Securities and Exchange Commission, ALMASAI Finance and Investment is not a SEC-registered entity as a corporation or as a partnership and was not also issued a secondary license as a broker and/or dealer of securities, dealer in government securities, investment adviser of an investment company, investment house and transfer agent.

It has also not filed nor has any pending application for primary and secondary licenses with the Commission.

ALMASAI Equity Holdings Corp., despite having been registered with the Commission as a corporation, is not authorized to solicit investments from the public as the said entity has not secured the necessary secondary license or permit from the Commission as required under Sections 8 and 12 of the Securities Regulation Code (SRC). It is also engaged in ultra vires act, or beyond one’s legal power or authority, for doing business not in accordance with its purpose of incorporation, which constitutes serious misrepresentation as contemplated under Presidential Decree 902-A.

Previously, the Securities and Exchange Commission has warned the public to stop putting money in this kind of investment scheme which may turn out to be fraudulent.

The SEC said those who invite or recruit other people to join or invest in this venture or offer investment contracts or securities to the public including solicitations or recruitment through the internet, may likewise be prosecuted and held criminally liable under Section 28 of the Securities Regulation Code.

The penalty for offenders is a maximum fine of P5,000,000.00 or 21 years of imprisonment or both pursuant to Section 73 of the SRC.

News source: DOLE

Jobs

Latest News

Sharlene San Pedro hits Alexa Ilacad’s ‘bullying’ remarks

Sharlene San Pedro hits Alexa Ilacad’s ‘bullying’ remarks

Sharlene San Pedro admitted that she was surprised when her former Goin’ Bulilit co-star Alexa Ilacad accused her of bullying. San Pedro addressed the accusations when she was interviewed by ABS-CBN News. "Ang hirap kasi, ang ginamit niyang term is bullying," San...

Married couples get fat because they are happy together — study

Married couples get fat because they are happy together — study

Getting married has its own perks and disadvantages. For some however, it is quite noticeable that couples who got married also tend to gain weight during the course of their married life. But is gaining weight for couples connected to marriage? A new study has...

African health minister says condoms made in China ‘too small’

African health minister says condoms made in China ‘too small’

A condom manufacturer in China is now looking to make more products of different sizes following a complaint by a Zimbabwe health official that contraceptives made in China were “too small.” Health Minister David Parirenyatwa said the condoms being exported to the...

Weather bureau: UAE rains to continue until next week

The National Center of Meteorology (NCM) announced that rains will persist until next week. The announcement was made after a weather bulletin was issued on continuous rains over the weekend. “Convective clouds formation associated with rainfall, fresh winds and rough...

Asian man arrested in Dubai for drug smuggling

Authorities arrested a passenger at the Dubai International Airport over his alleged attempt to smuggle illegal drugs in the UAE. Police found 3.5 kilograms of illegal drugs wrapped around the 31-year-old man's body. In a report on the Khaleej Times, it was learned...

PAL to allow emotional support dogs on board US flights

The country’s flag carrier Philippine Airlines (PAL) will now allow dogs on board aircrafts provided that they are accompanying a customer with disability. These dogs, according to PAL, are used for a passenger’s emotional support. “However, these emotional support...

SWS: Four out of 10 Filipinos say their lives have improved

Some 36 percent of Filipino adults or four out of 10 Filipinos believed their lives have improved in the third quarter of the year, according to Social Weather Stations (SWS). The nationwide survey was conducted from September 27 to 30 with 1,800 respondents. The SWS...

Recent posts

We listed over 1,000,000 jobs from United Arab Emirates monthly.

Accomodation option available in the market.

THE FILIPINO TIMES is the biggest and most trusted Filipino newspaper in the UAE.

It has a print run of 60,000 copies and 250,000 readership per week; bolstered by 1 million visitors to its website every month. It also has an e-newsletter sent to its 250,000 subscribers every day.

The Filipino Times is FREE and has the widest targeted circulation across the 7 emirates of the UAE.

With more than 2,500 strategic distribution spots, TFT is available where the Filipinos are - at Smart Bus Shelters, Metro Stations, restaurants, supermarkets, schools, airport lounges, Emirates and Etihad Philippine-bound flights, churches, Filipino community events and many more.

THE FILIPINO TIMES. We are where the Filipinos are.

FOLLOW US

SIGN UP FOR NEWSLETTER

THE FILIPINO TIMES is the biggest and most trusted Filipino newspaper in the UAE.

It has a print run of 60,000 copies and 250,000 readership per week; bolstered by 1 million visitors to its website every month. It also has an e-newsletter sent to its 250,000 subscribers every day.

The Filipino Times is FREE and has the widest targeted circulation across the 7 emirates of the UAE.

With more than 2,500 strategic distribution spots, TFT is available where the Filipinos are - at Smart Bus Shelters, Metro Stations, restaurants, supermarkets, schools, airport lounges, Emirates and Etihad Philippine-bound flights, churches, Filipino community events and many more.

THE FILIPINO TIMES. We are where the Filipinos are.

FOLLOW US

SIGN UP FOR NEWSLETTER

© 2018 The Filipino Times. All rights reserved

Subscribe To Our Newsletter

Join our mailing list to receive the latest news and updates from our team.

You have Successfully Subscribed!

More in News
Clerk admits filming naked flatmates
Published On  September 23, 2018
Filipino teachers in UAE need to obtain good conduct certificate
Published On  September 23, 2018
Saudi authorities file case vs employer of OFW forced to drink bleach
Published On  September 20, 2018
Close