Lapid files bill expanding the scope of economic sabotage

Published July 2, 2019, 9:00 PM

by Ellalyn De Vera & Richa Noriega

By Mario Casayuran

Senator Manuel ‘’Lito’’ Lapid Tuesday sought to widen the scope of economic sabotage by punishing not only syndicates but also individuals who commit fraudulent investment schemes.

Senator Manuel ‘’Lito’’ Lapid  (MANILA BULLETIN )
Senator Manuel ‘’Lito’’ Lapid (MANILA BULLETIN )

Lapid explained that under the existing law, economic sabotage may only be committed by a group of at least five persons but recent incidents suggest that such unscrupulous acts of defrauding investors may be committed by a single person.

Citing this loophole, Lapid filed Senate Bill 53, known as ‘’An Act expanding the Scope of Economic Sabotage,’’ which will penalize individuals who either act by himself or with a group in carrying out investments schemes that defraud the people in the billions of pesos.

‘’Sa panukalang ito, siguradong lahat ng mga manggagantso, mag-isa man or sindikato, ay wala ng lusot ang siguradong mabubulok sa kulungan,’’ Lapid said.

(With this measure, those who defraud, either by himself or with a syndicate, will surely rot in jail.)