By Marita Moaje
MANILA – The Department of Migrant Workers (DMW) has urged overseas Filipino workers (OFWs) to stay vigilant against loan scams.
In a Facebook post on Wednesday, the DMW said it has ramped up efforts to protect OFWs from falling victim to lending financing companies proliferating online, in partnership with the Securities and Exchange Commission (SEC).
“Mga OFWs, mag-ingat sa mga pekeng pautang sa Facebook! Nanghihingi ng bayad bago magpautang? Scam yan! (To our OFWs, beware of fake loans on Facebook! Asking for payment before granting a loan? That’s a scam!),” the post read.
The DMW said these bogus lending schemes are rapidly increasing on social media, particularly Facebook.
These scams typically involve fake financing companies that promise quick loans but demand upfront payments, only to disappear without releasing any funds.
The DMW stressed that legitimate lending companies do not require fees before releasing loans.
The SEC, meanwhile, urges the public to verify financial entities through the SEC Check App, downloadable online.
Migrant Workers Secretary Hans Leo Cacdac assured that the DMW remains steadfast in its commitment to safeguarding the rights and welfare of OFWs and their families left behind, as directed by President Ferdinand R. Marcos Jr. (PNA)
