List of top scams that you must be aware of

There will be less educated scam victims

From Consumer Fraud report

The top 5 Philippine Scam

  1.  The Aman futures led by a Malaysian Manuel K. Amalilio who duped some P12 billion pesos especially in Visayas and Mindanao involving some 15,000 individuals.  This was in 2012.  They promised 50 to 80% returns within 17 to 20 days.  Amalilio was arrested because of fake passport but has not been extradited to the Philippines

  2.  The Legacy group.  Led by Mr. Celso de los Angeles.  They promised double your money in five years. and used rural banks to get the money from the public

As of 2008, the bank accumulated a total of P467 million deposits but had negative networth of P239 million.   When it was closed on December 12, 2008 it had only Cash on Hand of P1 million.

We had 2x your money for some of our projects but we paid them on time.

PDIC had advanced a total of P11 billion to the Legacy group

3.  PDAF (by Napoles involving senators, congressmen)  They were able to defraud a total of P10 billion pesos by siphoning funds to fake NGO, and then paying back to com to the sponsoring solons.   This may have had the blessing of top govt officials.

4.  Multitel led by Rose Balajadjay.  The damage could have been in the order of P100 billion .  The funny thing about this is that they were able to get endorsements of top SEC officials (who later stopped their operations)  The scheme involved 2x your money for a minimum of P10,000 for a lock in period of 18 months  The counselors were paid 20% commission.

5.  PIPC involved Singaporean Michael Lew  and wealthy Filipinos and promised interest/yield of 4.5% daily for a minimum of $1,000  which could be encashed via the internet.  Lew was estimated to have fled with $150 million to $240 million of investors money.