Filipinos in Dubai warned over investment scams

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The Philippine Embassy in UAE is warning Filipino residents about potentially dodgy financial firms.

A post on the embassy’s Facebook page advised kabayans to be more careful with their hard-earned cash.

It added that there has been a “proliferation” of “alleged investments scams/schemes online,” where individuals or groups of individuals entice the public to invest in high earning products.”

Now the Philippines’ Securities and Exchange Commission (SEC) has released its list of “advisories” for 2019 so far – the names of 23 companies that are not registered or licensed with the SEC.

People who recruit or invite others to invest in the bogus investments could face criminal charges.

Filipinos should go through the SEC’s website to find details of approved businesses, the embassy has advised. Visit www.sec.gov.ph

Also, the Dubai Financial Services Authority (DFSA) has issued a warning about a financial loan scam targeting residents.

Using the name Skyo Microfinance Bank Limited, scammers offer fraudulent ‘easily-approved’ loans to people in return for transferring an admin fee.

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