As if we didn’t know yet, huh?
People of the likes of Michael Liew and many more before him, knows how to make good use of their capital here in the Philippines! They know how to keep themselves well-entrenched with the powers that be! They understand the Filipino way of life, the way of doing business with them. And it suits them fine because they came here purposely to scam. They understand too well the Filipino Culture, specifically, the Culture of Corruption endemic in this country.
When the Senate conducted a hearing on the PIPC scam, they noted that the Government Regulatory bodies were remiss on their jobs. They didn’t realize that they were rather negligent too!
This was not the first investment scandal that hit the country. There were others before this. The MIFE for one was a huge scam perpetrated over a decade and was only stopped because of the mounting complaints from investors. The money involved could have reached billions. As early as then, strict regulatory measures should have been put in place. The SEC regulations should have been reviewed! Oversight functions should have been clearly delegated and defined.
In Hong kong, Malaysia, and Singapore, where Michael Liew is from, they can no longer operate because of stringent legislative measures immediately put in place after scam operations were exposed.
“Only in the Philippines.” This is how most Filipinos would laughingly dismiss the issue. To many of them, Investment scams are ordinary , almost-everyday-kind-of-thing in this country.
Unless bribery and corruption is stopped, expect the scam artists to return!
Michael Liew set up operations in the Philippines at the time the SEC was cracking down on a lot of other similarly listed companies illegally dealing on foreign currency trading. He must have bribed his way around to get SEC approval! And, he had the gall to set up operations in Makati’s prime business address at that time - at the Enterprise…thanks to to his Filipino dummy and partner (who now claims he parted ways with Liew way back)(BS!)
Michael was able to scam Filipino investors because his Filipino partner who is a well-heeled businessman who holds sway on Makati’s innermost business circle, helped him! Michael was able to craft and fine tune his scam because he had a battery of lawyers who can skirt around legal regulatory obstacles and take advantage of legal loopholes. Michael was able to perpetuate this scam because he has a dedicated Filipino staff and a manager who had been with him since MIFE days , all ready to put their own future and their own careers on the line for him. Michael was able to design this grand scheme because there were corrupt officials at the SEC, people who had helped his group make a mockery of MIFE since 1985. Michael was able to put the finishing touches to this scam and made an undetected exit because there were corrupt officers at the NBI who tipped him off before any move by the agency was conducted.
It was so since 1985! It still is now!