Sen. Enrile, Legarda file resolutions to conduct PIPC inquiry
Looks like the PIPC: Performance Investment Products Corporation scandal has now reached the hallowed chambers of the Philippine Senate.
Last week, Senators Juan Ponce Enrile and Loren Legarda filed two separate Senate Resolutions urging the Philippine Senate to conduct an inquiry into the operations of the beleaguered forex trading firm PIPC. The purpose of both resolutions is to institute measures that would protect the investing public from fraudulent investment schemes.
The legislative branch seems to take a cue from the executive branch who ordered the creation last week of a task force that would identify and monitor investment scams operating in the country (Read our opinion of this task force in What's the point of an anti-scams task force?).
Click "Read More" to view a summary of the Senate Resolution filed by Senator Enrile and Senator Legarda.
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Senate Resolution No. 46
INQUIRY: OPERATIONS OF PERFORMANCE INVESTMENT PRODUCTS CORPORATION (PIPC)
Filed on July 30, 2007 by Enrile, Juan Ponce
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Overview: Resolution urging the appropriate Senate committees to conduct an inquiry, in aid of legislation, into the alleged illegal investment syndicate involving the Performance Investment Products Corporation (PIPC) which has caused losses of millions of dollars worth of investments in foreign exchange trade, with the end in view of recommending immediate remedial measures to protect the investing public.
Download a pdf copy of the resolution here.
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Senate Resolution No. 56
INQUIRY: OPERATIONS OF PERFORMANCE INVESTMENT PRODUCTS CORPORATION (PIPC)
Filed on August 1, 2007 by Legarda, Loren
Overview: Resolution directing the appropriate Senate committees to conduct, in aid of legislation, an inquiry into the operations of the Performance Investment Products Corporation (PIPC) and other corporations with similar transactions with the end in view of instituting remedial measures that would protect Philippine investors against fraudulent investment schemes.
Download a pdf copy of the resolution here.
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Click here to discuss PIPC: Performance Investments Products Corporation in the PMT Forum.
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