Bataan Freeport denies involvement in P20M investment scam

MARIVELES, Bataan: The Authority of the Freeport Area of Bataan (AFAB) on Wednesday has categorically denied any involvement in a wide-scale estafa known as investment scam which victimized several employees of a bag manufacturing firm and local residents of about P 20 million for non-existent construction projects in the country’s first export processing zone here.
Ms. Eliza Calimag, AFAB corporate affairs department head, has stressed the modus operandi of the sweet-talking members of the swindling syndicate who were asking funds from persons to finance construction business in exchange for high-earning profitable projects at FAB.
Ms. Calimag said the strategy is patterned after the old-style pyramiding scheme of soliciting funds supposedly to bring in substantial revenues for the target victims in a short period of time from the construction projects.
She explained that some of the victims are workers in one of the companies in the Freeport.
Six victims reportedly exposed the illegitimate deal to the concerned authorities .
“Categorically, pinabubulaanan ng AFAB ang anomang involvement namin o ng opisina namin sa mga ganyang swindling operations, ng ganyang aktibidades,” she said during a press conference held the other day.
Ms .Calimag has highlighted that all AFAB projects are financed thru Internally Generated Funds (IGF) or by the national government through the General Appropriations Act (GAA).