BSP warns public against financial scams

The Bangko Sentral ng Pilipinas conducted in Cagayan de Oro City the fourth leg of ‘AlertAko,’ a proactive exhibit on Financial Consumer Protection Advisories, last October 20-22 at Centrio Mall Activity Center. This activity primarily aims to highlight BSP advisories on how to detect, avoid and protect oneself against financial fraud and scams.
Atty. Prudence Angelita A. Kasala, Director of Financial Consumer Protection Department under BSP said that the coming up of this campaign is to give warning signs to the public for protection and encourage them to make sound financial decisions, especially that there are several people who fall easily to the trick.
According to BSP, there are different kinds of fraud and scam. The common one is the text scam where a mobile phone user receives fraudulent text messages stating that his mobile number won in a raffle contest conducted either a government institution or popular game show. In claiming the prize then, the victim is required to transmit money to a designated bank account or through a remittance company, or send prepaid cellphone load to the scammer’s prepaid mobile numbers.
Kasala said that this is very alarming for there are a lot of Filipinos who engage in text messaging, given the fact that Philippines has been tagged as the Texting Capital of the World.
Other forms of scams include credit card and ATM skimming where an illegal copying of information is done, from the magnetic strip of the card through a skimming device. There is also budol-budol scam in which the scammer will attract victim’s trust through offering him bundles of fake money, then ask for his important things in exchange. Dugo-dugo scam also exist. In here, victim receives a call from someone that a loved one has been kidnapped or has been hurt and will tell him to make money transfer. There are also other scamming techniques such as ponzi or pyramiding scheme, spurious investments, identity theft, phishing, spoofing, and nigerian scams. These are harmful scamming techniques that BSP wants to aware Filipinos, mainly through this exhibit.
Moreover, ‘AlertoAko’ also features interactive games and activities, audio visual presentations on financial products, warning signs and consumer protection.
The BSP will put up the exhibit across different parts of the country to disseminate the information, educate financial consumers and remind them to be vigilant against financial fraud and scams.

Published in Mindanao Daily News October 22, 2015.

Oro Integrated Coop kicks off 50th year anniversarry

Cooperative Development Authority Chairperson Orlan R. Ravanera delivering the speech.

Oro Integrated Cooperative has kicked off its 50th anniversary celebration last October 17, four months prior to its golden anniversary proper, at Mallberry Suites and Business Hotel, Cagayan de Oro City.

The opening program gathered members and partners who as well rejoiced the celebration of OIC. It could be remembered 50 years ago, OIC started its business with an office only, having 28 members and initial capital of P88. However, geographic expansion through the years was inevitable as the cooperative continues to grow, living its vision of being a member-centered coop that provides a diversified range of financial, business and social services to change lives of the member-owners and communities.

Cooperative Development Authority Chairperson Orlan R. Ravanera graced the event. He congratulated OIC on its 50 years of accomplishing its mission and attainment of continuous success.

“OIC is one of the best cooperatives in the country,” said the chairperson. Ravanera also explained that Cooperativism has done so much to advance the welfare of Filipino people. In fact, cooperatives including OIC have employed more than 550,000 people.

“What is amazing is the indirect employment,” he added. Cooperatives generated indirect employment and has caused 2 million individuals to do small businesses. He cited a common mother, that instead of staying at home, she runs an eatery though the help of a cooperative institution, gain income, and pay taxes. More, this individual even help and contribute in generating employment through hiring waiters, cooks, cashiers and several others.

“I do believe that in a country where people are marginalized, they have to be put into the concept of development processes. That is cooperativism,” he said, then adding that people – the lumads, farmers, fishermen, women groups, and even persons with disabilities – should have this cooperativism. Through coops, people are awakened to really make a difference, especially in this country that the trend is “rich becomes richer and poor becomes poorer” and so, cooperative’s role is to equalize this trend.

Alongside 50th year celebration of Oro Integrated Coop, October 2015 is also Cooperative Month. It will conclude on October 23 at Philippine Trade Center. Aside from that, coop sector is also celebrating the Philippine Cooperative Centennial Year, 100 years after the first cooperative law was enacted by US Colonial government.

“We have so many things to celebrate upon,” Ravanera ended.

Published in BusinessWeek Mindanao October 21, 2015 issue and Mindanao Daily News October 22, 2015 issue.

Bun and Flowers

Life is a constant battle of gaining and losing. There are times that we weep because we fail to achieve our targets after climbing big mountains. It is too sad our sweats did not paid off. But life is about millions of failures to learn one lesson. However, despite all that, you know what? It just takes us one reason to stand up and it is the push to fight once again because after the long battle, we believe we can find our way to make up with everything we lost.

That’s a thought from me today, and above’s a small piece of an OOTD of me in floral jeans. Let’s spread love around us!

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