Senator Sherwin Gatchalian proposed to add financial literacy as part of high school curriculum.
In the light of the controversies involving investment scams, the lawmaker said financial literacy is very important, especially in far flung areas.
Gatchalian said, “Investment scams proliferate in far-flung areas due to illiteracy and the lack of information campaigns on dubious investment schemes.”
Recently, President Rodrigo Duterte issued a closure order against Kapa Ministry International in Davao for followers were allegedly defr
auded with over P50 billion.
Gatchalian thinks it’s best to start educating the youth on the importance of investing wisely and smartly.
He said, “Pwede nating umpisang pag-usapan ‘to sa high school dahil karamihan sa mga high school especially sa ating system magta-trabaho na ‘yan. Mahalagang mapag-usapan na to sa senior high school especially sa mga provinces.”
The lawmaker explained that the reason why these schemes proliferate is because the public fail to recognize a legitimate investment from a scam.
He said, “We have to have this early detection. Dapat maaga pa lamang ma-detect na, maaga pa lang napaparusahan na ‘yung gumagawa ng ganito.”
Gatchalian went on to remind the public that if it seems “too good to be true, then it probably is.”
He urged the public to be suspicious of investments or people who promise a large benefit over very little in return.
He said, “Ang bottomline, dapat ang ating mga kababayan maging mas maingat. At kung may nade-detect na ganitong too good to be true, sabihin na sa ating gobyerno para mahinto agad.”
Gatchalian, who chairs the Senate Committee on Economic Affairs, said he is set to schedule a meeting with the officials of the Securities and Exchange Commission (SEC) and conduct discussion on the issue of Kapa.
They are also looking at the possible amendments of existing laws.