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Philippines Company Verifications: From the SEC and Beyond

Posted On   date06/01/2015

Philippines Company Verifications:  From the SEC and Beyond

The Philippines has turned recently into the hot spot for foreign investors and foreign direct investment. With a large workforce that speaks English and that has professional knowledge in some of the most trendy and fastest growing industries, business people are more attracted to the idea of setting up a business, outsourcing or expanding to the Philippines.

But the Philippines still faces serious problems regarding corruption and fraud. A recent international study revealed that the Philippines was the 15th largest exporter of illicit money among developing and emerging economies. Over $9.16 billion estimated amount in dirty money came out of the Philippines in the year surveyed – an amount that reportedly facilitated crime, corruption, and tax evasion, and that at the same time was depriving the Filipino economy of funds that could have been used to combat poverty and boost growth, or that could have helped the country through rough times like the natural disasters.

A series of efforts have been implemented to stop or at least reduce the ease of conducting money laundering and other illegal and corrupt practices in the country, however these efforts have not been quite enough.  Investigators have been in demand to help individual and business clients minimize their risk when hiring or investing in the Philippines.

There are entities that work in the Philippines to guarantee a good and clean business environment for foreign investors. Such is the Securities and Exchange Commission (SEC), which states in its mission the promotion of the interests of investors in a free, fair and competitive business environment. But in the real world the evidence shows that it takes a lot more to really achieve such an environment and that a lot more efforts need to be done on a more comprehensive way, involving many other parties as well. Registering a business on paper is easy, after all.  The business environment cannot be fully free or fair when corruption is still in the core of many government institutions and in the private sector too.

This is one of the main reasons why companies are looking every day for more ways to avoid being involved in any of the above mentioned situations, and company verifications and due diligence have turned into tools that provide investors with information to make safe and wise decisions and avoid fraud in the Philippines.  Good investments require good information.

Make no mistake this is a high risk environment.  Private investigators in Manila insist on the relevance of verifying all the facts, documents and anything related to doing business in the Philippines. Unfortunately, this is not a place where investors can rely on documents without checking they are legitimate. False documentation thrives in the Philippines, and there is such an expertise on the matter that it takes true professionals to verify.

Company verifications in the Philippines have become the most effective way to mitigate risk, and fight against fraud and scams, not only here but everywhere else in the world. Expert investigations and due diligence services verify if a company is not only registered and legal, but also verify ownership and reputation, screen the case for any history of fraud or litigation, verify physical operations and offices, and more.  Companies every day are relying more on private investigations that can help solve any mysteries and tie up loose ends, whether it is on a big corporate level or a simple employment screening in the Philippines. Slowly, this Asian country is becoming a more transparent place for outside investors.  With that said, it is still a high risk country where background checks and due diligence are essential.

Are you considering hiring or investing in the Philippines?  Be safe.  Contact us today and get a free quote for due diligence or discreet background check services.

C. Wright
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3 Responses to Philippines Company Verifications: From the SEC and Beyond
  1. Mark says:

    I´ve seen many companies offering investment opportunities with high returns through Facebook. They´re all a scam!

  2. JasonM says:

    The Philippines is slowly growing into a robust and healthy economy. It´s time to leave corruption behind!

  3. BobbyF says:

    Good article! It´s also important to mention for those who want to invest in the Philippines that the SEC advised the public to exercise self-restraint in investing their money into high yield-high risk investment schemes and to take the necessary precautions.