Mayor Vico vows to assist ‘paluwagan’ scam victims

MANILA, Philippines — The Pasig City government will help victims of a “paluwagan” scam, Mayor Vico Sotto said yesterday.

“We are consolidating the affidavits, the evidence of transactions, bank records, to help,” Sotto said in an interview over ABS-CBN.

Sotto recently ordered the closure of a company whose agents allegedly sold “paluwagan” slots to investors, according to earlier reports. 

The scheme involves people pooling their money by depositing a certain amount per day or week and then taking turns withdrawing from this pool.

Sotto said the city government worked with the National Bureau of Investigation, the agency in charge of going after the scam’s perpetrators.