The government is determined to prove wrong a reported forecast that the Philippines may lag behind Asian neighbors in recovering from the coronavirus pandemic.
Published December 15, 2020, 2:00 PM
Get-rich-quick cryptocurrency scams have proliferated online, shamefully seeking to take advantage of netizens who are merely trying to augment their incomes during these difficult times.
The Securities and Exchange Commission (SEC) investigated more than 30 of these online scams as of April 2020, all of which were deceiving victims into investing money into illegal investment operations with the promise of large and quick returns.
Fraudulent cryptocurrency platforms use Ponzi or pyramiding schemes, which generate returns for earlier investors by taking later investors’ money. Others advertised their get-rich-quick-schemes on social media platforms and messaging applications, such as Telegram and Facebook Messenger, nefariously attempting to victimize everyday investors about actual cryptocurrency. Some of these scammers even resorted to using the names of known government officials, claiming that these officials endorsed the use of their pla
1 of 2
With esteemed financial practitioners and good friends, BDO Capital President Ed Francisco and ING Bank President Hans Sicat, I was recently asked to be a panelist in a
Philippine Daily Inquirer 35
th Anniversary forum. That question, the title of this piece, was posed by our moderator, Business Editor Tina Arceo-Dumlao.
Save for minor variations, we gave similar answers which I paraphrase thus: “Yes, we will see some bounce back, but largely due to base effects from the depressingly low level this year, and we won’t be seeing the Philippine economy back to 2019 levels until 2022 at the earliest. The recovery shape won’t be a V, may not even be a Nike swoosh or a U, but more like a ‘dirty L’ (Han’s depiction) with features of a K, uneven across industries, firms, and the populace.”