SEC, DMW join forces vs. scams targeting OFWs

The Securities and Exchange Commission (SEC) joined forces with the Department of Migrant Workers (DMW) for a financial literacy and investor education campaign to help overseas Filipino workers (OFWs) spot investment scams and manage their finances better.

The Commission has signed a memorandum of agreement with DMW to kickstart their partnership through the SEC Capital Market Promotion and Awareness Inter-Agency Network (SEC CAMPAIGN Network) under the SEC CAN! (Communication, Advocacy, and Network) Initiative.

Over the years, OFWs have been notoriously targeted by scammers into investing their hard-earned money into fraudulent investment schemes.

“It is imperative that we protect our modern-day heroes, who work thousands of miles away just to provide for their families, only to be scammed by unscrupulous individuals who take advantage of their lack of knowledge on legitimate investments,” SEC Chairperson Emilio B. Aquino said.

He added that, “the SEC wants to address this problem by ensuring that OFWs have access to legitimate investment options in the market, thereby steering them away from fraudulent schemes and helping them grow their finances through sound financial decisions.”

Under the agreement, the SEC seeks to improve the financial and debt management skills of OFWs by tapping into DMW’s resources to expand the reach of its financial literacy and investment scam awareness programs.

In addition to DMW, the SEC also signed partnerships with fintech companies Maya and G-Xchange, Inc., BDO Foundation Inc., as well as Empower and Transform, OPC, further expanding the reach of its financial literacy programs through the private sector.

Formally launched in 2020, the SEC CAMPAIGN Network initially had 11 partner-organizations from the public and private sectors.

It has since expanded to a total of 127 partners, widening the reach of the Commission’s financial literacy programs toward the enhanced protection of the investing public.

The SEC CAMPAIGN Network includes organizations from the public and private sectors forming the SEC Anti-Scam and Illegal Taking of Investments Group (SEC ASTIG), which is focused on proactive and prompt enforcement actions against investment scams and other predatory practices carried out through the misuse of the corporate vehicle.