�� BIZ BUZZ: Beware impostors abound

BIZ BUZZ: Beware, impostors abound

/ 02:09 AM May 29, 2024

It seems someone is trying to revisit the pandemic-popular game Among Us, where a team of players try to oust an impostor trying to blend in, but in real life.

The Securities and Exchange Commission (SEC) recently issued a warning against a company posing as conglomerate Aboitiz Equity Ventures Inc. that has reportedly been nudging the public to shell out money with a promise of higher profits.

In an advisory, the corporate watchdog said an Aboitiz impersonator was trying to solicit investments from the public by offering online jobs through an e-commerce platform.

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According to the SEC, the fake Aboitiz just needs investors to accomplish “certain tasks with a promise of receiving monetary awards or what they call commissions.”

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Upon completion of the task, investors will allegedly receive higher commissions, but not without additional funding or “recharging” from the victim to withdraw their “earnings.”

The SEC added that this was a clear violation of the Securities Regulation Code, as the offered securities must first be duly registered with the commission.

“The public is hereby advised to exercise caution in dealing with any individual or group of persons soliciting investments for and on behalf of Aboitiz Equity Ventures Inc.,” the SEC said, referring to the impostor.

The real AEV already issued a notice in March via its official—and verified—Facebook page, stressing that it was not affiliated with any e-commerce platform and that it would “never ask for money.” —Meg J. Adonis

Lemon Cherries in PH market

Cherry Auto Philippines has launched a service inspection campaign for its hybrid compact sports utility vehicle, the Tigo 5X Pro, supposedly due to “insufficient welding bead dimension on its rear torsion beam assembly.”

In an advisory to the Department of Trade and Industry dated May 9, the automotive company said that a number of T5X Pro units imported in the Philippines are suspected to have this defect, which may lead to a breakage of the part, especially when driven under difficult conditions.

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“It is therefore our utmost priority to promptly and immediately address any potential safety issues to uphold the trust and confidence of our customers,” Cherry Auto Philippines said in the advisory.

The automotive company added that it has so far identified 90 units of the 2024 models that will need to undergo safety inspection.

The said units were bought at their dealerships in Alabang, Bacolod, Bacoor, Commonwealth, Cainta, General Mariano Alvarez in Cavite, Camarines Sur, Cagayan de Oro, Davao, General Santos, Pasig, North Edsa, Quezon Avenue, Pasong Tamo, Pangasinan, and Tacloban. —Alden M. Monzon

Pinoy students abroad in Visa’s focus

Global card services Visa is seeing opportunities in the growing number of Filipinos studying abroad and receiving allowances from their families at home.

It’s part of Visa’s overall aspiration to cash in on outbound transactions—not just inbound transfers like remittances from Filipinos overseas—and helps push for financial inclusion.

At present, the company is promoting a relatively new product in the Philippines called “Visa Direct”—which offers an easy, smart and secure experience to move money globally across accounts instantly.

“We see that more Filipinos are sending kids abroad because also of the great economy,” Jeff Navarro, country manager for the Philippines at Visa, said at a media roundtable.

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“Because of economic growth, the middle class is growing. So there’s more opportunities for us to send kids abroad,” Navarro said. —Ian Nicolas P. Cigaral INQ

TAGS: Biz Buzz, SEC

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