Financial literacy should start at Senior High School according to Sen. Sherwin Gatchalian after Pres. Duterte ordered the closure of KAPA Ministry International.
“Pwede nating umpisang pag-usapan ‘to sa high school dahil karamihan sa mga high school especially sa ating system magta-trabaho na ‘yan. Mahalagang mapag-usapan na to sa senior high school especially sa mga provinces,” Gatchalian said.
Taking Advantage of Poverty
KAPA Ministry International is a SEC-registered religious group. It was reported that they persuade its members to donate at least P10,000 or higher as a “blessing” and will have a thirty percent return of investment monthly.
Gatchalian said that these scammers mostly operate in rural areas taking advantage of people’s poverty and illiteracy. They see this as an opportunity because of the little knowledge they know of how an investment works and failed to see this as a scam because of high interest rates.
“Nakita ko ‘yung Aman Futures (pyramid scam) nag-operate sa Zamboanga del Sur, ito naman (Kapa) sa Davao del Sur, nago-operate sila in areas na madaling maengganyo o hikayatin yung ating mga kababayan,”
The senator said that we have to be wary to detect these scams early and be suspicious of companies who offer a huge return of investment.
“We have to have this early detection. Dapat maaga pa lamang ma-detect na, maaga pa lang napaparusahan na ‘yung gumagawa ng ganito,”
“Ang bottomline, dapat ang ating mga kababayan maging mas maingat. At kung may nade-detect na ganitong too good to be true, sabihin na sa ating gobyerno para mahinto agad.”
KAPA To Face Criminal Charges
SEC ordered cease and desist order on KAPA Ministry International on Feb 14 after gathering substantial evidence that if offered investment in the guise of donation and promised a huge amount of return to its members.
The SEC made the cease and desist order permanent in March against KAPA and this month SEC will file criminal charges as KAPA still accepts investment after revoking their license.