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Investing in the Philippines: How You Can Avoid Fraud

Posted On   date30/09/2014

Investing in the Philippines: How You Can Avoid Fraud

The Philippines is a hot place for investment right now. Its economy is growing, it is fairly stable in political terms, and producing in the Philippines is less expensive than in many other countries.  There is also an important amount of qualified workforce who speak English here. For many companies, investing in the Philippines is a great deal, with access to cheap labor.

It can be a good option for individuals too. Many people are looking to invest in land in the Philippines because of its natural beauties, and it has become one of the main destinations for retirement for people from the United States, Canada and the United Kingdom seeking to live abroad.

But before putting any money in the Philippines, as a company or as an individual, you need to do your homework.  Collect as much information as you can in order to make a wise investment. The Philippines is also a high risk country for fraud. It has been a hub for boiler room scams, online dating fraud, and overall there is a culture of fraud and corruption that has escalated even to the highest levels in the government. In the Philippines fake documents are thriving, so professional help to verify each and every aspect of your deal is crucial if you want to make a safe investment.

Philippines investigators recommend you consider the following:

If your investment is a result of an online negotiation and you haven´t met the people that are trying to sell you the land, commodity, stock or whatever it is you´re trying to invest in, get a complete Philippines background check. Before going into a deeper investigation about the company, the location of the land or anything else, try to verify that the person you are dealing with is at least honest and has no criminal record, and their information is true. The opportunity may sound amazing, but if the person you are dealing with has a history of fraud or criminal activity, you  need to know early.

Once you have checked that you are dealing with an honest individual, it is a good idea to start investigating a little deeper. Checking if documentation is legitimate, that the owners of the company or land are the same people that you are being told, and verifying all legal matters.

After going through the paperwork, a local Philippines investigation will help minimize the risks even more. For instance, if you are buying land you might want to hire someone who can go and check the place and make a local investigation and surveillance to photograph it and inspect it.

When dealing with companies, international due diligence services are critical to your success. You may be looking to invest in a company, outsource services or simply buy stock. Any important investment needs a proper investigation that can provide information about operations of the company that is subject of the investigation. Is it operating legally, does it have any financial or legal trouble, how are working conditions, is it been involved in any corruption case in the past, is it complying with the national laws and relevant international treaties, etc. There are many things that need to be cautiously looked at before making any big decisions, so you don’t end up losing your money!

Lastly, due to the recent hacking trend all over the world, it is also important to be careful about your personal information. Data breaches pose a great risk for everyone today. Scammers buy databases full of personal and financial information in the black market, and apparently the black market has a lot of information now in their hands. Do not accept any cold calls of people that claim to be from the stock market looking for investors. Probably no good investment will come from here, no matter how good the deal might sound.  Never give in to pressure, such as you need to buy now or you will miss out.  Take your time to verify properly, and if you feel rush or pressured, don’t do it.

Get professional help on this matter and your investment will be a safer one!

C. Wright
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2 Responses to Investing in the Philippines: How You Can Avoid Fraud
  1. Kyle says:

    I´ve lived in the Philippines for quite a few years now and I´ve seen many foreigners who have been ripped off their money when buying real estate. This is a good place to retire but you got to be careful when buying land.

  2. Bill69 says:

    Documents can be so easily forged in the Philippines that you can not even trust that. The best you can do is to get professional help.