OFWs warned vs fund scheme

The Philippine Overseas Employment Administration (POEA) advised overseas Filipino workers (OFWs) to be cautious in dealing with people or groups offering “high-yielding” investments.

The POEA said a group of OFWs in Saudi Arabia reported the activities of a group known as Sangguniang Masang Pilipino International Inc., which was luring OFWs to invest in a company called Almasai Finance and Investment (now Almasai Equity Holding Corp.).

Almasai’s address is at Murphy, Cubao, and its known owner was a certain Elpidio Reyes Tanaliga Jr. The OFWs said they were being asked to invest P50,000 for a monthly interest of 5 percent. —Tina G. Santos