Mayor Duterte welcomes protests by investors in alleged Ponzi-like schemes

DAVAO CITY (MindaNews/11 June) – Supporters of investment companies that were ordered closed for allegedly engaging in Ponzi-like schemes are welcome to hold protests in Davao City, Mayor Sara Duterte said on Tuesday.

The mayor was reacting to rumors that these people were planning to hold rallies to express their frustration over the government decision to shut down companies that are soliciting investments from the public in exchange of huge returns.

Duterte told reporters in an ambush interview during the general assembly of barangay leaders at the Azuela Cove that the investors and founders  of  investments companies were not restricted to stage rallies in the city, provided that they apply for permits and commit no crime.

“For all groups, not just prayer rallies, we don’t have a problem provided that the space needed, they should apply for a permit for it. If it’s at the Freedom Park, there is no problem at all. For all rallies, we just request that no crime is committed,” he said.

She said the city government did not allow any investment firms that lacked permits from regulatory offices to operate.

“In Davao, if they have no permits we do not allow them, so they first get their permits from regulatory offices and they apply at the Business Bureau. If they fail to comply with requirements, we do not allow them to operate,” she said.

Duterte called on the people to be cautious in putting their money in investment schemes.

“I’ve always reminded them it is your money so you have the right to decide on how to use your money. Just be careful, you have to vet the investment companies where you are investing your money in,” she said.

When asked to react to the sentiments of those who threatened to withdraw support for the Dutertes in 2022, the mayor said: “Dili ko maka comment sa feeling sa tao (I cannot comment on the feelings of the people) because there is no right and wrong about how an individual feels. I cannot comment on that.”

President Rodrigo R. Duterte ordered the Criminal Investigation and Detection Group and National Bureau of Investigation to padlock Kapa Community Ministry International Inc. and other similar investment firms offering huge returns similar to Ponzi schemes and warned the people behind these companies that they could be charged with syndicated estafa.

“When it is good to be true, it is fraud. Biro mo yung P100,000k mo would earn P30,000k a month (Just imagine your P100,000 would earn you P30,000 a month),” he said during an interview with Pastor Apollo C. Quiboloy in the latter’s Give Us This Day TV program aired on Saturday.

Several branches of Kapa and other similar investment firms had been closed by authorities in several parts of the country on Monday. Other simultaneous closures were done Tuesday. (Antonio L. Colina IV/MindaNews)