To clear matters: Advisory on the EmGoldex articles and videos on Youtube.
1. The Philippine Securities & Exchange Commission (SEC) says it is a pyramiding scheme. The Philippine Department of Trade & Industry explains these scams in the light of present circumstances. ( See below).
2. This means that money will be taken in but will eventually dry up. Late investors will find that they will have no more returns on their investments.
3. When this happens, all law enforcement mechanisms, from police to prosecutors both in the Philippines and in Kuwait, will automatically come into play.
4. In response to an article this week on EmGoldex, the undersigned merely thanked the author of the article for presenting the views of the Embassy.
5. This should not be confused with the Embassy endorsing or supporting EmGoldex.
6. Instead, the Embassy supports the statements and warnings of the SEC and the DTI.
7. Also, the Embassy and the Philippine government have not changed their statements and positions on the matter.
8. The Embassy has always supported and expressed concern for the people.
9. Like the Philippine government, most members of the Philippine media also support the people, even if there are some media opinions which do not.
10. These media opinions are in the minority. Opinions of some OFWs in Kuwait also do not represent the majority.
11. The majority of the Filipino people, especially the 200,000 OFWs in Kuwait, always eventually know the truth.
12. And the truth is that business schemes that promise unrealistically high returns with no real products, using funds which are based on recruiting other people, eventually all fail.
13. When this happens, hardworking OFWs in Kuwait who are recruited late and who invest late lose their money, which is meant for their families back home.
14. It is thus the duty of the sovereign Filipino people, with their government, to warn our Kababayans of the dangers of these schemes, instead of allowing a small minority to entice them.
15. So let’s not be enticed. The choices we make are ultimately our responsibility.
16. This is the essence of a caring democracy, represented by a proactive Embassy and a vigilant community.
17. We all strive to be wealthy in an honest way, and,
“No legacy is so rich as honesty”– William Shakespeare
Atty. Raul H. Dado