PRESIDENT Rodrigo Duterte signed into law a measure imposing heavier sanctions against individuals involved in investment scams.
It identified financial consumers as a person or entity or their duly appointed representative, who is a purchaser, lessee, recipient or prospective purchaser, lessee or recipient of financial products or services. The law defines investment fraud as a form of deceptive solicitation of investments from the public, which includes Ponzi schemes and other forms of scheme involving the promise or offer of profits or returns that are sourced from the investments or contributions made by the financial consumers, boiling room operations and the offering or selling of investment without a license or permit from the Securities and Exchange Commission .