OFWs warned vs fund scheme

Philippine Overseas Employment Administration building. Photo from www.poea.gov.ph

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

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