Manila: The Department of Migrant Workers (DMW) has urged overseas Filipino workers (OFWs) to stay vigilant against loan scams. In a Facebook post on Wednesday, the DMW highlighted its intensified efforts to protect OFWs from falling victim to online lending scams, in collaboration with the Securities and Exchange Commission (SEC).

According to Philippines News Agency, the DMW's message on social media warned OFWs about fake loans on Facebook, specifically those that ask for payments before granting a loan, labeling them as scams. These fraudulent lending schemes are reportedly on the rise on platforms like Facebook, involving fake financing companies that promise quick loans but demand upfront payments, only to disappear without fulfilling their promises.

The DMW emphasized that legitimate lending companies do not require any fees before releasing loans. Meanwhile, the SEC has advised the public to verify financial entities using the SEC Check App, which can be downloaded online.

Migrant Workers Secretary Hans Leo Cacdac reassured the public that the DMW is committed to protecting the rights and welfare of OFWs and their families, aligning with directives from President Ferdinand R. Marcos Jr.