Why I Don't Trust Diday's Paluwagan
Friends, I don't want to join Diday's Paluwagan because I don't understand what it is. I don't understand why money could grow that quick (it could offer better returns than banks or bonds!) with the member "just waiting". I may appear silly to those who have received "proofs" but please bear with me, this is how I honestly see it. How many of the members perfectly understood the system? I'm sure there are many like me who are confused of the entire system but are excited of the at the same time of Diday's Paluwagan promises. It's common to get excited when we earn money in easy way that we end up NOT carefully educating ourselves what the system really is and if ever it is even SUSTAINABLE. It's never a hassle to learn pals, it's never a hassle to be watchful of your hard-earned money-- it's just but rightful.
According to Phillipine Times, http://philippinetimesofsouthernnevada.com/…/paluwagan-sys…/
"under the “paluwagan” system, people form a group agree to contribute a certain amount on a definite date. The pooled funds will be given to a certain member on an agreed date, normally on a monthly basis, until all the members have received their share."Banko Sental ng Pilipinas Deputy Governor Nestor Espenilla Jr. added that, “A paluwagan is an informal savings scheme of people who know each other,” he said.Normally, those who put their money in paluwagan are neighbors and co-workers who form a group to pool funds.Unlike in banks or cooperatives, money saved through the “paluwagan” system does not earn interest. "
Please take note that in a Paluwagan, according to the governor of Banko Sentral ng Pilipinas (1) members know each other and (2) money saved through paluwagan system doesn't earn interest. These two things are clearly absent in Diday's paluwagan. If these definition are absent, it is not therefore a Paluwagan. I hope you can understand why I don't trust this system. The name itself doesn't fall to the very definition of paluwagan. I don't think this creates a very good brand positioning. As an MBA graduate, I have learned that you trust the product when the brand has been carefully positioned in the mind of consumers. In this case, the brand, foremost, is misleading.
Posted in inquirer business are concerns about a paluwagan system . Check it here. http://business.inquirer.net/…/Is-investing-in-paluwagan-sa…
In order to be so willing to join, I want to be enlightened by the following:
1. What would happen to my 600 why it could grow to 1, 500 in one month?
2. Where are the "extra-money" (money from those wala a nag graduate) going? Is it being invested that's why it could offer high returns?(I hope it is!) If it is invested, I'd like to know in what.
3. Why do I need to recruit? Is it because if there will be stagnant number of members, this Paluwagan can't keep it's promise of exchanging your 600 with 1.500 IN A MONTH?
4. Some members say this will eventually become a COOP. Pals, there are many kinds of coop and please name who can exchange you 600 with 1,500 in a month. Even Tagum Coop could never promise this. What kind of coop are you planning to have? What will happen to the members of this Paluwagan during the transition (from Diday's Paluwagan to COOP)? Will they receive the money due to them? especially those last in the list? How? The 50 pesos money being deducted wont suffice. Please do your math.
5. There is no clear organizational structure and you don't even know those who hold the money that much. Are you sure they are getting the necessary training to be functional? Are they accredited? With the huge money they have in their hands, you should feel secured with the knowledge that these people are trained. Praise God, should there be one who is an honest CPA. Did you even bother to check?
6. Is there any internal auditor? How about an external auditor? You should feel scared if there's none. I think you can imagine how big is the money rotating and inherently know the need to have auditors.
7. Who do you think you can run to should this entire system fail? According to Inquirer, http://business.inquirer.net/…/Is-investing-in-paluwagan-sa…, the most one can do is to file estafa charges, which may drag over time and cost a lot, with no guarantee that you will get your money back.
8. It also doesn't mean that if you have a DTI permit you can run a paluwagan/monoline already. You need additional certificates from government agencies. Big time fraud exposed on TV had their DTI permits to lure more people. Just so you know! And if it's a partnership, you need to be with SEC and not just DTI.
1. What would happen to my 600 why it could grow to 1, 500 in one month?
2. Where are the "extra-money" (money from those wala a nag graduate) going? Is it being invested that's why it could offer high returns?(I hope it is!) If it is invested, I'd like to know in what.
3. Why do I need to recruit? Is it because if there will be stagnant number of members, this Paluwagan can't keep it's promise of exchanging your 600 with 1.500 IN A MONTH?
4. Some members say this will eventually become a COOP. Pals, there are many kinds of coop and please name who can exchange you 600 with 1,500 in a month. Even Tagum Coop could never promise this. What kind of coop are you planning to have? What will happen to the members of this Paluwagan during the transition (from Diday's Paluwagan to COOP)? Will they receive the money due to them? especially those last in the list? How? The 50 pesos money being deducted wont suffice. Please do your math.
5. There is no clear organizational structure and you don't even know those who hold the money that much. Are you sure they are getting the necessary training to be functional? Are they accredited? With the huge money they have in their hands, you should feel secured with the knowledge that these people are trained. Praise God, should there be one who is an honest CPA. Did you even bother to check?
6. Is there any internal auditor? How about an external auditor? You should feel scared if there's none. I think you can imagine how big is the money rotating and inherently know the need to have auditors.
7. Who do you think you can run to should this entire system fail? According to Inquirer, http://business.inquirer.net/…/Is-investing-in-paluwagan-sa…, the most one can do is to file estafa charges, which may drag over time and cost a lot, with no guarantee that you will get your money back.
8. It also doesn't mean that if you have a DTI permit you can run a paluwagan/monoline already. You need additional certificates from government agencies. Big time fraud exposed on TV had their DTI permits to lure more people. Just so you know! And if it's a partnership, you need to be with SEC and not just DTI.
Please don't get me wrong in posting this. I hope I won't be killed because of posting this! HAHAHA! It's just that I do careful research before jumping into something which appears to be so-good-to-be-true to me. If my questions are answered, I'd be very happy.
One more thing, if the system is becoming so late in "paying out", that's a red flag!
One more thing, if the system is becoming so late in "paying out", that's a red flag!
I know many posted about their "proofs" already but have you ever thought how this system could be sustainable? Will this be sustainable if ever you stop recruiting? If this system could only go on with recruiting more, do you know how people in banking world calls that? Do your research. As a starter, check this article from the Australian governmenthttp://www.scamwatch.gov.au/…/index.phtml/tag/PyramidSchemes
I'd humbly accept answers to this posts. I'd like to be enlightened should there be any hope for that. My intention is not to ruin but for more enlightenment. Thank you.
