February 12, 2009

Public warned on "Gold Bar" Scam

gold bar
The slowing demand in electronics and automobiles have reached the Philippine shore as Berong Nickel Mining Corp. announced that it would slash its manpower by 600 as a countermeasure against the declining price of Nickel in the world market. Nissan Philippines, a Japanese automaker production unit in Laguna will also be affected by the worldwide cuts by Nissan Corp. which recently announced that 20,000 employees will be laid off this year.

Nissan Philippines also added that it would cut its working hours from 6-days to 5-days and eliminate overtime pays to save other employees from being laid-off.

Meanwhile, a recent "gold-bar" scam was foiled by authorities in Cebu, as more and more people seek this metal on this time of uncertainty.

A suspect selling a fake gold bar was arrested by members of Philippine National Police following a transaction inside a small inn in Cebu City, Tuesday evening.

Felix Lahinaw, 59 years old and from Barangay Guizo in Mandaue City, told ABS-CBN News that he knew the gold bar was fake but still tried to sell it.

His victims were from Zamboanga City.

Lahinaw added that he got the gold bar from a certain Ramon Tornado of Bogo town in the northern part of Cebu province, for just P10,000.

Lahinaw sold the gold bar to the two victims from Zamboanga City for P1,000,000.

The victims from Zamboanga, who asked that their names be withheld, said they are suppliers of gold to various pawnshops in the country.

“Bong,” not his real name, said he knew the gold bar was fake when he weighed it.

Bong added real gold bars weigh in at 6.2 kg or more but the gold bar he bought from Lahinaw only weighed 3.9 kg.

"We are experts of this transaction, we've been to so many places, we never think we will be fooled here in Cebu," said Bong.

Senior Inspector Henry Binas, Talisay City police chief, said he immediately planned the arrest of Lahinaw with members of Carbon police after the victims asked for help.

"The victims called me because they knew a relative of mine, and told me that they will pay the suspect tonight so I coordinated with Carbon police, because the inn is in their area of responsibility," said Binas.

Police said they are now looking for Lahinaw's companions identified as Vilma Tornado and Pablo Tornado who reportedly got the P70,000 down payment of the victims.

Lahinaw is currently detained at Carbon Police Station. He is set to face swindling charges.--abs-cbnnews

The government debt stock is up by 12% to P4.236 Trillion as the country braces for more spending to stimulate the economy. Recent bad news from the overseas labor industry have been bothering local authorities as it braces to absorb more returning OFWs (Overseas Filipino Workers) out of work.

Recently, a proposal to tap the fund from the SSS (Social Security System) for government infrastructure projects has been questioned by members and the senate as a desperate attempt of the government to fill its deficit.

"That is a confiscation of private wealth. We need those fund for our own needs since it is our money in the first place!" a member commented.

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