July 16, 2018: ***BFAR is set to turn over 55 fiberglass pumpboats worth a total of P1.7 million to fishermen in Loon on Wednesday. The boats will be distributed to pre-selected beneficiaries in Loon as part of a BFAR-led program. ***The local government unit of Panglao will start to demolish buildings built within the town's 20-meter "no-build" zone, five months after violators of the easement policy were told to rid the municipality's coasline of illegal structures. ***DTI eyes to earn P25 million in sales for this year's Sandugo Trade Expo, which has become an important event for exporters and potential suppliers to boost their respective networks and this event has been running for 3 years now. *** Gov. Edgar Chatto eyes the inclusion of a provincewide prohibition on single-use plastic in the province. By single-use plastic, it refers to plastic materials that are disposable and generally used only once before they are thrown away or recycled.

Search This Blog

Friday, October 02, 2015


TAGBILARAN CITY, October 1 (PIA)--In this age of multi-level marketing, networking and pyramiding which often ends up as scams, a consumer rights advocate gives a hint: if you get rewards from simple registrations, it is pyramiding.

Jose Hibaya, Department of Trade and Industry Bohol consumer services division chief shared that even if there is a product that is being sold or you bought some as investments, the quick money scheme is a tell tale sign that you are in for a dupe. 

Speaking at the Kapihan sa PIA Thursday commemorating the Consumer Welfare Month in October, DTI also said that pyramiding and networking companies are technically not in their sphere, because the office is largely tasked to look into single proprietorships, and not corporate entities. 
Single proprietorships are locally registered, so there is a better chance for the DTI to keep track of their operations and stop them before these companies could dupe more and more innocent consumers and investors. 

Simple sign it is pyramiding, Hibaya illustrated is when by simple registration of your recruits, you get money, or often packaged as commission of product sales. 

Although many people defend pyramiding or multi-level marketing, the fact is when you saturate a market with recruits, that is when the base collapses, leaving those at the bottom with nothing while unnecessarily enriching those on the top lines, even if they just sit and relax, a scammed pyramiding shared her experience.

I was asked to put up P3,500, promising that I can get back the amount in a week's time, she added. 

She was a victim of a fraudulent investing scam promising high rates of return with little risk to investors, an investment counselor who asked not to be named said. 

This is classic Ponzi scheme which generates returns for older investors by acquiring new investors. This scam actually yields the promised returns to earlier investors, as long as there are more new investors, he added. 

Over this, he said, "When it is too good to be true, don't," meaning on investment scheme like the one above. 

People however are so lured to sweet words and the promise of returns, hefty amounts even with the investor hardly doing anything. 

"Of course, when you let go of your money and invest, you have just forfeited your right to information and you just lost the chance to get back the money," the investment guru told. 

The DTI said this year's Consumer Welfare Month picks Consumer Protection in the ASEAN Economic Community. (rac/PIA-7/Bohol)

No comments:

Contact Us

Philippine Information Agency
Bohol Information Center
LMP Building, K of C Drive, Poblacion II, Tagbilaran City
Telephone Numbers (038) 412-2292, 501-8554

Visitors