Taguig city: Citing TikTok's popularity to engage the public through the use of videos, Securities and Exchange Commission (SEC) Commissioner Rogelio Quevedo on Tuesday underscored its importance to educate the public about investment scams and fraud. Quevedo, in his message during the ceremonial signing of Memorandum of Understanding (MOU) with officials of ByteDance Philippines Inc., the local arm of global firm ByteDance, which operates various content platforms like TikTok, in Taguig City, said preventing these scams is a must since these undermine the investing public's confidence.
According to Philippines News Agency, the MOU 'establishes a structured framework to educate Filipinos about common financial and investment scams by detecting, preventing, and removing such content, while boosting awareness of associated risks.' Under the MOU, SEC will refer to ByteDance PH suspected content for review and action vis-a-vis TikTok's community guidelines.
'We will co-develop one to three videos under the ThinkTwice campaign to educate users on spotting and avoiding scams, alongside broader consumer outreach for financial literacy. Additional efforts include policy dialogues on fraud trends, risk controls for financial services on platforms,' Quevedo said. The tie-up aims to address scams, following the release of a recent survey by Global Anti-Scam Alliance that says over 75 percent of Filipino adults have encountered at least one scam in the past year.
Yves Gonzalez, Head of Public Policy for the Philippines at TikTok, said the social media platform 'has always prioritized the safety of its community, investing in technology, human moderation, and educational initiatives to get ahead of emerging threats.' 'While the fight against scams is a multi-sectoral one, we're confident our partnership with the SEC is an important step in empowering Filipinos to navigate the digital world safely,' she said.
The initial video will focus on Ponzi scheme, which promises investors of guaranteed earnings through funds contributed by new investors.
