Latest report from the Court-appointed liquidator for the beleaguered forex trading firm Performance Investments Products Corporation (PIPC) showed that only $2 million remains from a total of $138 million that Filipinos alone invested.
PFEC's announcement published in Philippine newspapers
Here's a copy of the public notice from Performance Forex Exchange Corporation (PFEC) recently published in local newspapers. NOTICE This is to inform the public … Read More
PFEC complainant's loss, his son's fault?
From newspaper reports: The Performance Foreign Exchange Corporation (PFEC) raid conducted on Wednesday last week was supposedly due to a complaint of a PFEC investor.
The raid was conducted pursuant to the complaint of an investment scam victim identified as George Palos, a resident of Olandes Industrial Valley Complex, Makati City.
According to the victim, who was accompanied by his wife Aurelia to the NBI-AOCD office yesterday, they were enticed to invest an amount of $8,500 (about P382,500) in the firm and were made to believe that their investment will earn substantial profit.
Relying on such assurance, they invested the amount.
The victims were later informed that their investment lost in the firm’s transactions and were not able to recover their investment, including the principal.
– Source: The Daily Tribune
Heard from the grapevine: Mr. Palos's loss was apparently the fault of his son, employed as a Business Executive of PFEC, who insisted that he trade his father's account.
More details when you click "Read More."
BSP warning on Foreign Currency Transactions
Here is a press release issued by the Bangko Sentral ng Pilipinas (BSP) on June 26 warning the public against fraudulent schemes that involve "foreign currency trading" transactions.
United Kingdom (UK) online jobs scam
The Philippine Overseas Employment Administration (POEA) advised job applicants intending to apply for a job in the United Kingdom to be wary of online offers that can supposedly send them to UK using only a student visa.
Running a carinderia (restaurant) in the backyard
Nobody can miss it: The vibrant orange extension of the house in Masambahin corner Mapagkawanggawa Streets in Teachers Village East. The place does not even have a signage, just two banners — one says Pinggan #25 Food House; the other proclaims the place’s best sellers — lumpiang ubod and other home-cooked specialties.
How to deal with debtors who are not paying? Shame them
Here's one "best" practice entrepreneurs won't learn in any school: If you've tried all options and yet debtors still aren't paying, try shaming them.
Bartolome Malacura, a 70-year old sari-sari (retail) store owner in Davao, did precisely this by advertising the names of his debtors in front of his store. Believe it or not, the plan worked, said Mr. Malacura. Read on.