alfredodvargasiii@gmail.com

Alfred Vargas Official WebsiteAlfred Vargas Official Website
Menu
  • Home
  • About
    • About Alfred Vargas
    • Timeline
    • Testimonials
  • Legislation
  • Serbisyong Wagas
    • Tulong Dunong
      • Pantawid Graduation Program
      • Scholarship Programs
      • TESDA Scholarship
      • Other Trainings and Seminars
        • Leadership Training
        • Speaker Training
        • Emergency Response Training
    • Medical Assistance / Tulong Medikal
      • Financial / Tulong Pinansyal
      • Medicines / Libreng Gamot
      • Vaccines / Libreng Bakuna
      • Equipment / Libreng gamit para sa may kapansanan
      • Libreng Tungkod
      • Ophthalmology Services / Libreng Serbisyo para sa mata
      • Blood Services (Available by Request)
    • Jobs and Livelihood / Tulong sa Trabaho at Pamumuhay
      • Job Referral
      • TESDA Livelihood and Capacity Building Programs
      • Emergency Employment Program (through DOLE TUPAD)
      • Puhunan Program
    • Land Assistance / Palupa at Pabahay
      • Land Title Assistance / Pa Titolo
      • Surveying Assistance
      • HLURB Registration Assistance
      • Assistance in facilitation or coordination with National Government Agencies
      • Cooperative Development
      • Facilitation of Meetings/Discussions with Land Owners
      • House Construction Support (Materials)
    • Tulong OFW / Balikbayan
      • Repatriation Program / Tulong sa Pagpapauwi
      • Passport Assistance
    • Burial Assistance / Tulong sa mga Namatayan
      • Financial
      • Libreng Kape at Hot Choco
      • Pahiram ng Tent
      • Tables and Chairs
      • Death Certificate
      • Internment Assistance
      • Funeral Services
  • Media
    • Press Releases (From the Office of AV)
    • Featured News and Articles
    • Photos
    • Pidong Series
  • Contact Us
On financial literacy

On financial literacy

CategoriesMedia / Press Releases / Press Releases (From the Office of AV)

Share this post

Vargas: Avoid scam, be financially literate.

FILIPINO workers, especially those working overseas, should be financially literate to get rid of investment scam, Quezon City Rep. Alfred Vargas said.

Alarmed by the newest investment scam, wherein hundreds of Filipino workers and OFWs have been duped by suspects using a popular cryptocurrency, Vargas has proposed House Bill 4363 or An Act Providing Financial Literacy and Entrepreneurship Programs for Workers.

To be called “Financial Literacy for Workers Act”, the bill seeks to provide programs and trainings on how Filipino workers and retirees can manage their finances and resources properly.

The measure, Vargas said, shall likewise establish an entrepreneurship education program so that employees and retirees can start their small and medium scale businesses.

“Hard-earned money should be invested wisely. I am urging our Kababayans, especially those working abroad and those who are retiring to think first and do some research before investing,” Vargas said.

Citing studies made by the Securities and Exchange Commission (SEC), Vargas said that one in every 100 Filipinos has easily fallen prey to various investment scams due to promise of hefty returns in a short period of time.

Nowadays, the most prevalent scams are done through “Ponzi” and “pyramiding” schemes. However, with the advent of technology, tech-savvy scammers are now increasing and using the Internet and social media to lure yield-seeking investors.

In filing the bill, Vargas underscored the need to address a number of problems that continue to hold back Filipinos from realizing their entrepreneurial aptitude such as lack of adequate knowledge on financial management, high cost of doing business, lack of access to finance and market information and low productivity and competitiveness due to the lack of economic capacity.

While there are private companies that conduct training on financial literacy, Vargas is proposing to the government to have subsidized relevant programs to interested Filipino workers.

The bill specifically mandates the Department of Labor and Employment (DoLE), with the cooperation of the Department of Education (DepEd), to provide assistance to eligible entities that will provide financial literacy and entrepreneurship programs to workers.

“This representation seeks to establish a financial literacy and entrepreneurship education program for Filipino workers to empower them to generate more income and ultimately lead a life of economic and financial freedom,” Vargas said.

“Just a reminder to my fellow Filipino workers that want to invest… if it’s too good to be true, then it’s probably too good be true so turn the offer down outright. A true investment takes time to grow with proper management and discipline,” the solon added.

Just recently, local police authorities have arrested Arnel Ordonio and wife Leonady who allegedly amassed wealth amounting to nearly P1 billion through the cryptocurrency Bitcoin.

To date, the two biggest investment scams in the Philippines involved Performance Investments Products Corp. (PIPC) and Aman Futures Group, each of which had siphoned off about P12 billion in investments.

-April 18, 2018

Recent News and Articles

  • Tawa-tawa versus dengue?

    August 9, 2019
  • Panawagan ni PRRD na lumikha ng Dep’t of Disaster Resilience, ikinasiya ng isang kongresista

    August 9, 2019
  • Duterte commits funds to quake-hit Batanes

    August 13, 2019
  • Solon hails DU30 push for Disaster Department. PRESIDENT Rodrigo Duterte received praises from the proponent of Department of Disaster Resilience for urging Congress to pass the proposal at the soonest possible time.

    August 9, 2019
  • Phivolcs to Batanes engineers: Follow building code

    August 9, 2019

Follow Alfred on Facebook!

View on Facebook

Unable to display Facebook posts.
Show error

Error: Error validating access token: The session has been invalidated because the user changed their password or Facebook has changed the session for security reasons.
Type: OAuthException
Code: 190
Subcode: 460
Please refer to our Error Message Reference.

Follow Alfred on Instagram!

Please enter an Access Token on the Instagram Feed plugin Settings page.

Follow Alfred on Twitter!

Alfred VargasFollow

Alfred Vargas
AlfredVargasPHAlfred Vargas@AlfredVargasPH·
21h

Malinaw na maraming kailangang ayusin sa sistema sa ayuda. Mahaba ang pila at matagal naghihintay ang mga tao. Pati compliance sa safety protocs kailangan din.

As chair of Social Services committee, we’ll include this in our next agenda with DSWD.

https://t.co/LzZ9efbOMn

Reply on TwitterRetweet on TwitterLike on Twitter4
Retweet on TwitterAlfred Vargas Retweeted
QCGovQuezon City Government@QCGov·
12 Apr

Sa gitna ng pagtaas ng kaso ng COVID-19 sa lungsod, narito ang kasalukuyang lagay ng ating mga ospital at HOPE community caring facilities.

Reply on TwitterRetweet on Twitter11Like on Twitter24
AlfredVargasPHAlfred Vargas@AlfredVargasPH·
12 Apr

Looser set of restrictions doesn’t mean we should let our guards down. We should still wear our masks and face shields, observe physical distancing, and stay home as much as possible.

FACT: the virus is still very much present. Walang nagbago dun.

https://t.co/FD7PyWYGbt

Reply on TwitterRetweet on Twitter1Like on Twitter6
AlfredVargasPHAlfred Vargas@AlfredVargasPH·
11 Apr

Kudos to the @QCGov & private partners for their proactive response against COVID-19.

May we all stay safe and healthy amid the pandemic. A blessed Sunday to all.

https://t.co/H0DPXI9IZW

Reply on TwitterRetweet on TwitterLike on Twitter2
AlfredVargasPHAlfred Vargas@AlfredVargasPH·
11 Apr

I hope more schools will come on board for this initiative.

Dito sa QC, may ilang simbahan na ring pumayag maging vaccination sites. Sa pagbabayanihan, mas maraming mababakunahan!

https://t.co/CJp8kDLV2h

Reply on TwitterRetweet on TwitterLike on Twitter7
  • Home
  • About
  • Legislation
  • Serbisyong Wagas
  • Media
  • Contact Us

© 2018 Alfred Vargas, All Rights Reserved.