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Monday, February 15, 2016 Vol. 11 No. 130
SEC wants to stop bank transfers from scammers
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HE Securities and Exchange Commission (SEC) is seeking new power to compel banks to stop wire transfers of money suspected as coming from investment scams.
SEC Chairman Teresita J. Herbosa said they are pushing for the amendment of the Securities and Regulation Code, so the private-sector regulator could have more teeth and stop criminals falsely promising high return. Herbosa said the present code only allows the SEC to issue advisories to discourage the public from taking part in irregular investment activities involving securities. The only other action by the regulator is to issue cease-and-desist orders against alleged investment con artists.
INSIDE
PHIL’S ON A MISSION
In other countries, the SEC’s counterpart corporate watchdog has the power to stop wire transfers. “We see the need to go proactive in curbing investment scams. I learned in the US that they actually have a system, which would trigger all [government] agencies involved, in running after investment scams to take note of the complaint within 24 hours, and be able to notify a recipient bank to stop the wire transfer,” Herbosa told reporters. C A
We see the need to go proactive in curbing investment scams. I learned in the US that they actually have a system, which would trigger all [government] agencies involved, in running after investment scams to take note of the complaint within 24 hours, and be able to notify a recipient bank to stop the wire transfer.”—Herbosa
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BEHIND THE SCENES: PPP OPPORTUNITIES FOR INTROSPECTION PPP Lead Alberto C. Agra
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HILIPPINE publicprivate partnership (PPP) is pictured on the web site of the PPP Center as all rosy. But behind the good work, awards, accolades, citations and infographics are unpublished or unheralded stories and “truths” about PPPs. While good news must be for PPPs—must know and emtrumpeted, not-so-good news brace PPPs, warts and all. Pubmust be equally underscored. lic officials are actually doing Negative or unpopular news a disservice if news on PPPs must not be dismissed. They are sanitized, if those outside must be viewed as opportunigovernment are branded as filities for reform and introspecbusters, and when leaders and tion. The public—the reason consultants claim infallibility. C A
PPP ELEMENTS C4
REVENGE OF MAIN STREET
PARTIES
PICKUP trucks in this photo are about to be delivered to a car-manufacturing plant in Santa Rosa, Laguna. Last December car owners filed a case against an employee of Toyota Alabang, who allegedly masterminded a rent-a-car scam involving 62 vehicles. NONIE RYES
Motor vehicle-theft cases bare crafty players, tech-reliant cops ₧44.04M A B M M, Researcher D E, Editor
First of three parts
PERSPECTIVE
First of three parts
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Worth of vehicles pinched from 29 individuals scammed in a rent-a-car scheme in 2015
PESO EXCHANGE RATES n US 47.4310
FTER a waiter took the plates of unfinished coq au vin, Sarah tipped the glass to Lily and said: “I can make you rich.” More than a month later, Lily sat
not behind a dining table in a chic restaurant but in front of a cop. Lily (not her real name) told Capt. Joel D. Conde the car she loaned to Sarah has disappeared along with the person Sarah reloaned it to. It was a case of “failure to return” (FTR), Conde told the BM, pointing to a new
PROJECT
PERIL ALLOCATION
PACT
10 P’s
PUBLIC GOOD
PERFORMANCE
PAYMENT SCHEMES
PERIOD
PROCEDURES
PARTNERSHIP
AUTHOR: ALBERTO C. AGRA
BM GRAPHICS: JOB RUZGAL
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n JAPAN 0.4220 n UK 68.6516 n HK 6.0879 n CHINA 7.2253 n SINGAPORE 34.1304 n AUSTRALIA 33.5961 n EU 53.6966 n SAUDI ARABIA 12.6499
Source: BSP (12 February 2016 )