DAVAO CITY: Mayor Sara Duterte-Carpio has renewed her warning to Dabawenyos not to fall prey to fraudulent financial schemes.
Duterte-Carpio said that the local government recently received complaints from the public against a new financial strategy offered by Repa Paluwagan, an informal group, using a money-lending system to generate high return of investments.
“The Anti-Scam Unit is recently monitoring Repa. I would like to remind the public to be careful when it comes to your money because there are a lot of scam activities now,” the mayor said.
Duterte-Carpio asked Dabawenyos to report to the city’s anti-scam unit if they monitor such an activity.
The Securities and Exchange Commission (SEC)-Davao issued a statement last month, warning the public against the new investment strategy that can be likened to the Ponzi scheme.
The SEC-Davao advisory states that the persons behind Repa/Repa Paluwagan act as “administrators” and “sellers” and communicate with their victim-buyers through Facebook Messenger, or other chat groups and personal transactions. They offer “limited slots” for investment packages where one may invest P50,000 promising a return of P20,000 or an equivalent of 40 percent interest in just two weeks.
The SEC-Davao said that this entity is not a registered corporation and is not authorized to solicit investments/placements from the public nor issue investment contracts and other forms of securities.