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Task Force to Monitor Investment Scheme in Real Estate Project.
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There are news of buyers who have invested hard earned money in the purchase of lots or condominium units but find themselves short changed has been a cause for alarm. They found that projects were either not existing or the housing units badly constructed.
Relative to this the Office of the President issued Administrative Order No. 185 creating an Investor Protection Task Force (IPTF).
The IPTF has the power to monitor and give public warning on questionable schemes and products and investigate and recommend prosecution of the perpetrators with the Department of Justice.
Administrative Order No. 185
“Administrative Order No. 185. Creating an Investor Protection Task Force
Section 1. There is hereby created an Investors Protection Task Force (IPTF) to monitor investment schemes, including real estate projects, especially those marked to the public and Overseas Filipino Workers.
Section 2. THE IPTF shall be headed by the Department of Finance, with the following as members:
Securities and Exchange Commission
Department of Trade and Industry
National Bureau of Investigation
Department of Labor and Employment
Housing and Land Use Regulatory Board
Section 3. The IPTF shall undertake the following activities:
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Monitor investment schemes and products;
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Give public warnings on questionable schemes and products;
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File evidence and recommend prosecution to the DOJ; and
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Recommend appropriate legislation and regulations for investor protection”
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