OF SCAMS, OIL PRICES AND ATM FRAUDS

The Philippine Star
08/22/08

Don’t get me wrong here. I’m not saying that there are scams in the pricing of local petroleum products. I’m letting Energy Secretary Angelo Reyes be the judge of that as he carries out GMA’s call to conduct an extensive audit of the books of Shell, Petron and the other oil companies.

Let Secretary Reyes also determine whether local oil companies are responsible enough when setting prices and are not taking advantage of sky-rocketing crude prices by gouging the public with their weekly price changes.

We have been receiving calls and e-mails from angry consumers who are asking why local pump prices are not dropping as fast as the reduction of crude prices in the world market.

Using the argument of oil companies that they are merely passing on to the consumers the price changes in crude, the public is asking why oil companies are biding their time when passing on any reduction in prices but are quite prompt in raising the pump price levels.

Crude prices had hit the ceiling, reaching its highest recorded price of $147.27 per barrel last July 11, 2008. Since then, however, the cost of crude had dramatically dropped to $114.00, a decline of 23 percent. Local pump prices, on the other hand, seem to have been reduced by only 10 percent.

Paging Petron, Shell, Chevron, et. al. Would you please spare our suffering countrymen some comfort by raising prices in bigger increments and shorter intervals? Unless, of course, you’re still aiming for record-breaking profits and fatter bonuses?

Sour investment

In one of my columns about investment scams, Ely L. Alba, one of our readers from Pasig City, wrote about a possible “investment scam” that had victimized him and over seven hundred other individual investors.

He requested for assistance in their claim against ASB Holdings, Inc. Included in the letter were copies of checks stamped with “Payment Stopped” that Alba alleges were promised payments by ASB Holdings for the investments he and his group made with said company.

My advice to him then was to sit down with a trusted lawyer and take legal action to protect their interests.

Recently, Alba called me up and appraised me of developments in their struggle to get their money back. He and his group of over seven hundred investors are contemplating to file a case. He also cited an interesting legal question which he hopes the courts will resolve and which he would like to share with the readers.

According to Alba, during deliberations with their lawyers, the following interesting legal question was raised: When a check is dishonored on the ground that it is “funded” but “payment stopped,” is it a basis for a legal action under the Revised Penal Code?

Apparently, the checks issued by ASB Holdings in favor of Alba and other investors representing the principal and interest of their investments were not honored when encashed because check payments were stopped.

Alba pointed out that, to his best knowledge, a check may only be dishonored because of insufficient funds. In this case, Alba and his group were taken by surprise when the checks issued in their favor were dishonored because payment was stopped even if funds were available.

The above episode involving investors who were apparently attracted to a particular venture because of promised attractive returns is a clear warning that some investment offerings may turn sour -- thus, making you believe that you were “scammed.”

ATM fraud

Cathy Fontanilla, one of our readers, wrote me the following:

“I read your article about ATM fraud in the U.S. It is scary to know about the different sophisticated measures (by which) you can be robbed. It's not just the traditional ‘hold-up ito, bigay mo pera mo.’

“I just had a similar experience recently here at an ATM in Makati. A withdrawal was made not using my own ATM card, although the bank informed me that records showed it was a successful transaction and a card was used in withdrawing an amount from my account.

“What is more scary is that the bank cannot offer any protection to us clients against these scams. How can I be assured that it won't happen again? The solution they are offering is to open a passbook account, which you can only access (withdrawal transactions) during weekdays 8-5 and only at the branch where you maintain your account.

“It doesn't sound sensible because the reason people open an ATM account is because of its convenience.

“Anyway, I'm thankful you wrote that article so people will be more aware. I'm just hoping that the banks and other agencies involved will offer more protection to their clients and find a solution regarding these scams.”

Collegiate Champions League update

The following are more updates on the ongoing competitions at various “mother leagues” nationwide. The participating teams are aiming to win not only their respective leagues but are also gunning for the coveted slots in the regional championship of the SMART-Champions League 2008 Philippine Collegiate Championship games.

In Region 2 (Pangasinan, Pampanga, Bulacan, Zambales), Lyceum of Subic won the recently concluded United Luzon Athletic Association tournament and is the leading contender for the regional championship.

In Region 3 (Quezon and Bicol provinces), University of Nueva Caceres Greyhounds continue its winning run in the 4th Naga City Intercollegiate Basketball League and are poised to grab the area’s top spot.

In Region 6 (Leyte, Samar), Western Leyte Colleges Mustangs and AMA Computer Titans are leading the ten teams participating in the Ormoc City Schools Basketball Championship.

In Region 7 (Cagayan de Oro, Iligan), the Capitol University Stallions and the Xavier University Crusaders are leading the pack in the Cagayan de Oro Students Athletic Association (COSAA) tournament.

In Region 9 (Zamboanga provinces), the Zamboanga-Sibugay Basketball Association competitions are ongoing with Universidad de Zamboanga-Ipil and the Kabansalan Technical Institute still in the lead with four wins each.

The Philippine Collegiate Championship is a nationwide multi-level competition starting with the “mother league” games. The various leagues’ winning teams will advance to the regional, zonal and the final phase -- the “Sweet 16” Final Challenge in Manila.

For more details about the biggest collegiate basketball event for the year sponsored by SMART, visit www.CollegiateChampionsLeague.net

Should you wish to share any insights, write me at Link Edge, 25th Floor, 139 Corporate Center, Valero Street, SalcedoVillage, 1227 MakatiCity. Or e-mail me at reydgamboa@yahoo.com. For a compilation of previous articles, visit www.BizlinksPhilippines.net.