Here in the Philippines, a very good way of earning money is through social media. You can sell stuff, you can buy, you can promote; you can do almost everything you want and need using social media. This has been the platform of many businesses we are familiar with today. From clothing brands to food, to investments, social media giants do not fail to distribute information effectively. One investment you might be familiar with would be “Online Paluwagan” or “ONPals.” 

Let me give you an idea of how these paluwagan works. It’s actually traditional between neighbors and friends. Paluwagan is a system that would include money-lending, saving, and investment.

Say there are three (3) people in the paluwagan. All three (3) would throw money into the pool and that amount would be given to one (1) member. It continues until all members get fair share. With this idea, a lot of people made different schemes and techniques that would circulate money using the internet.

Securities and Exchange Commission (SEC), sent a warning out to people eager to join these Online Paluwagan (ONPals). They warn that there are groups who aim to scam people and juice money out of them. They tell people that the Return of Investment (RoI) is unthinkable. SEC advises:

The persons recruiting or soliciting investments were promising huge returns to their members within a short period of time with interests ranging from 10 percent-757 percent in as little as 1 to 90 days. 

Truly unthinkable, right? Well, this alone is actually enough to make you aware of these scams. Most of the complaints they received were capital investments not being returned to them; hundreds of people lost a fortune.

According to an expert, the Paluwagan system is good only if it is legitimate and if it is ran properly.

Moreover, it is advised to not believe what you hear or read firsthand especially if it promises the unthinkable.

They talk about returns na masyadong mataas. At kapag nagtanong [ka] kung ano bang panganib ang kinukuha ko dito at sinagot nilang wala, then that should be the first alarm bell,” Edmund Martinez, a  wealth management expert of COL Financial.

What Online Paluwagan Groups should you avoid to avoid being stolen from?

  1. Road To Stockmarket/Dream Builders RTSM 2
  2. Steady Money Onpal
  3. G-Funds
  4. Team Amazing Grace
  5. Donatos Team Gig
  6. Team Donatos
  7. Building Bridge
  8. GBS New Hope
  9. GBS Trust Traders
  10. Whilmz Team International
  11. Whilmz International Online Paluwagan
  12.  Rosca Money’s Worth Onpal
  13. Warriors Team Onpal
  14. Team Warriors
  15. Xplosion
  16. Red Packet
  17.  Elite Savers Club
  18. Share Ko Profit Ko
  19. SUTM & BOJ
  20.  Real Team Angel International
  21. Original Team Angels
  22. Return Of The Comeback Team Angels Internationals
  23. Cone Weekly Investment
  24. 2DO Marketing Services
  25. Power7 M2G
  26.  Onpal Adhoc
  27. Swift Earners Guild
  28. Exclusive Circle Of Earners
  29. Old TBC
  30. Lover’s Profit Sharing

Financial experts advise to observe the platform first for legitimate transactions and income. Moreover, we should always be aware and careful with whatever we put our money on.

Read Also: How to avoid Text Scams

Source: ABS-CBN

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