SEC field drive seeks to heighten awareness in investment scams

By Manuel T. Cayon

DAVAO CITY—The Securities and Exchange Commission (SEC) is doing the rounds among communities here to heighten the awareness of residents against fake investment offers reportedly being peddled by some unscrupulous individuals.

This week, SEC officials headed by Commissioner Karlo S. Bello and SEC Davao Extension Office Director Atty. Katrina PoncoEstares visited the Island Garden City of Samal to present the SEC campaign program called Campaign and Advocacy Network (SEC CAN!) to the city government.

The SEC CAN! contains basic information on spotting investment scams from real estate investment projects and frequently asked questions on legitimate investments.

The SEC said Samal island is considered “the crown jewel of the Davao Region tourism industry” and it would likely to be a target of scammers preying on unsuspecting residents.

“The leadership of (Samal) Mayor David Uy, having the trust and confidence of its people, will prove crucial in this information drive to safeguard your constituents against investment scams,” Bello said.

Under the SEC CAN! initiative, implementors would partner with public and private organizations in promoting financial literacy and investor education.

Ponco-Estares presented its details to the city officials.

Uy assured that his administration would collaborate with the SEC in order to protect Samaleños from fraudulent investment schemes.

The SEC earlier went to Digos City, Davao del Sur to present its SEC CAN! literacy program to Gov. Yvonne R. Cagas.

By Butch Fernandez

THE Department of Information and Communications Technology (DICT) was prodded to provide marginalized local government units (LGUs) the platform to automate their operations, including tax administration.

S enator Sherwin Gatchalian on Friday suggested for the DICT to “provide local government units with the necessary platforms.”

The senator stressed, “It is important that all LGUs, particularly those belonging to the lower income class levels, have the necessary technology tools that would enable them to automate their respective operations.”

Presiding over the hearing as chairman of the Senate Ways and Means Committee, Gatchalian aired the call as the panel’s technical working group (TWG) was fine-tuning the provisions of the proposed real property valuation reform measure, which he hopes would expedite the automation of LGUs across the country.

A t the same time, the senator also stressed that the automation of LGU operations would significantly improve efficiency in revenue collection, along with other services provided by LGUs.

We all realize the benefits of digitalization in today’s age,” Gatchalian noted but added, “Unfortunately, many of our LGUs, particularly those in far-flung areas have no capacity to undertake a digitalization process.”

The senator suggested that in such cases, “the DICT should provide all the tools necessary for these LGUs to automate their operations.”

Moreover, Gatchalian took note of the Bureau of Local Government Finance (BLGF), an attached agency of the Department of Finance (DOF), pointing out the challenges faced by some LGUs, especially those with funding constraints.

He recalled that BGLF’s Officer-in-Charge Executive Director Pamela Quizon said in a recent technical working group (TWG) meeting that some LGUs’ systems could not connect to the tax mapping and to the system of the BLGF.

“Inaasahannatinnabukodsamaisasaayos na nang husto ang pangongolekta ng buwis, ang digitalization ng mga LGUs ay magdudulotngmasmaramipangbenepisyo sa kanilang mga nasasakupan na kalaunan aymakakatulongnamapasiglaangnegosyo at ekonomiya sa kanilang mga lokalidad,” he said.

Only about 68 percent of LGUs in the country are implementing some form of automation. Out of this number, only 729 LGUs have existing real property assessment processes. The remaining 32 percent, which are mostly 5th and 6th-class municipalities, have no real property assessment-related system.

Under the proposed Real Property Valuation and Assessment Reform (RPVAR) Act, BLGF is mandated to develop, adopt, maintain, and implement uniform valuation standards that shall be used by all appraisers and assessors in the LGUs and other government agencies in the appraisal or valuation of lands, buildings, machinery, and other real properties for taxation and other purposes.

IN the April 21, 2023 frontpage story, “CJ Gesmundo cites digital push, reforms in judiciary,” there were some inaccuracies in the second photo caption showing Chief Justice Alexander G. Gesmundo posing with Rotarians. The correct caption should be:

CHIEF Justice Alexander G. Gesmundo (fourth from left, second row) joins RCM officers and members, including President Hermie Esguerra, former Interior Secretary Rafael Alunan III, Mr. Jackie Rodriguez and Past District Governor Alex Cureg. SUSAN CAMBRI