SEC boosts effort against financial scams in second ASTIG partners meeting

The SEC holds the second ASTIG Partners Meeting on June 30 at the SEC Headquarters in Makati City.

​The Securities and Exchange Commission (SEC) takes a stronger stance in its fight against scams and other illicit investment-taking activities through its collaboration with partners from the public and private sectors.

On June 30, the SEC convened the second Anti-Scam and Illegal Taking of Investments Group (ASTIG) Partners Meeting, building on the foundation set on the inaugural meeting held last March 17. A total of 21 representatives from government agencies and private organizations attended the meeting at the SEC Headquarters.

Among the key attendees were representatives of the Anti-Money Laundering Council, the Bangko Sentral ng Pilipinas (BSP), the National Bureau of Investigation, the Department of the Interior and Local Government, and the Department of Education, highlighting the government’s commitment to protecting the public from scams.

During the meeting, the SEC and its partners further delved into the provisions of Republic Act No. 12010, or the Anti-Financial Account Scamming Act (AFASA), through an insightful discussion led by Alain Bert G. Regis, the acting director of the BSP Consumer Account Protection Office and a member of the AFASA Technical Working Group.

Mr. Regis provided a comprehensive walkthrough of the AFASA and its implementing rules and regulations. Specifically, he explained the prohibited acts under AFASA, which include “money muling” activities, social engineering schemes, economic sabotage, and other offenses.

He also highlighted the crucial role of financial institutions in temporarily holding funds and the authority of the BSP to investigate financial accounts.

Leading the meeting was SEC Commissioner Rogelio V. Quevedo who expressed the Commission’s support for the implementation of AFASA. In conjunction with the initiatives under ASTIG, Mr. Quevedo stressed that all programs, projects, and activities shall be cascaded to local communities to ensure that people will no longer fall prey to fraudulent investment offers.

“Scams and other deceptive investment offers continue to pose a serious threat to the financial security of many Filipinos,” said Mr. Quevedo, noting that the ASTIG Network can use its members’ collective strength, knowledge, and experience to address scams. “Let’s keep the momentum alive. Together, let’s increase the reach of our campaign and build a culture where every Filipino is not just financially literate—but also financially empowered.”

Further, the SEC reiterated the importance of involving the local government in the fight against scams. Filbert Catalino F. Flores III, director of the SEC Enforcement and Investor Protection Department, introduced the SEC ASTIG One-Pager—a simplified resource designed to help the public identify and report suspected scams. He encouraged partner agencies to disseminate the material to their local offices and community networks to broaden public access and awareness.

The meeting closed with a message from Ela R. Xavier-Padilla, officer-in-charge of the SEC External Affairs Department, who encouraged all members of the ASTIG Network to sustain the collective energy of the campaign.

ASTIG, a component of the SEC Communication, Advocacy, and Network (SEC CAN!) initiative, taps the country’s local government units to educate and raise the awareness of the public on investment scams through information sharing and training of enforcement agencies.