President Rodrigo Duterte wants the closure of Mindanao-based fraudulent investment companies particularly in the southern part of the region, including community group Kapa-Community Ministry International.
“When it is too good to be true, it must be fraud. Let it not be said that I did not warn you. You guys in pyramiding, pity your family and your children,” Duterte said in a television interview.
The National Bureau of Investigation (NBI) and Philippine National Police’s Criminal Investigation and Detection Group (PNP CIDG) will be taking lead in closing down these companies, it was learned.
“Imagine your Php100,000 would earn P30,000 a month. Even the Bangko Sentral can give only three percent annually, even the Bank of America cannot do that,” Duterte said.
The Security and Exchange Commission (SEC) has ordered Kapa to stop soliciting money due to its alleged failure to secure appropriate licenses to operate.
