JEDDAH, 29 August 2007 — The Philippine National Bank (PNB) has called on Filipinos in the Middle East to invest in government Treasury bills or T-bills and avoid getting victimized by fraudsters.

In an informal symposium held at the Ramada Hotel Jeddah on Friday, PNB officials based in the Kingdom emphasized the importance of exercising prudence before shelling out any amount, much less embarking on any form of investment, especially in the light of rampant fraudulent investment schemes wreaking untold economic sabotage.

Modesto F. de Guzman, head of the PNB in the Eastern Province, said one measure of detecting a con artist and a dishonest scheme is by weighing the “promised huge return on investment just in a very short period” against the disbursed amount.

Would-be investors were also advised to check the website of the Philippine Securities and Exchange Commission (http://www.sec.gov.ph) for records of groups involved in scams. Lately, the Philippine Overseas Employment Administration (POEA) published a list of 10 notable scams available on the Internet.

During the presentation of various PNB financial products, de Guzman called the attention of OFWs particularly on T-bills, which are government debt securities.

De Guzman said T-bills are “the highest yielding risk-free investment instrument” as are “fully and unconditionally guaranteed by the government” through the Philippine central bank (BSP).

PNB is the only bank authorized by the BSP to sell Treasury bills in the Middle East, he said. T-bills used to be an exclusive territory of banks and big companies when the minimum deposit was P1 million. In 1998, the Philippine Bureau of Treasury started reducing the minimum deposit in a bid to tap the overseas Filipino market. The minimum deposit is now only 50,000 pesos (about $1,085), and that would gain a 4.85 percent interest in one year.

Another offer by the bank that provides a lucrative return is the Dollar Mint plan, which requires an initial deposit of $5,000 that would generate 3.5 percent interest per year.

De Guzman also referred to other financial services and products that PNB pioneered, such as the “Dollar Door-to-Door Delivery,” “Peso Door-to-Door Delivery,” “SSS Remittance of Loan Amortization and Members Monthly Contribution,” and other instant PNB products like the “instant PNB GFMC” which carries no maintaining balance, “US Dollar Passbook,” and “Peso Time Deposit.”

Participants were drawn into the PNB-initiated car loan program, giving the OFWs an opportunity to have a brand new car in the Philippines that could be used to set up a transport business, yet under an easy term.

The bank has also an affordable housing loan plan that gives the OFWs “to own a house of his dream.”

He assured participants that the bank’s investment programs are safe and are guaranteed by the Philippine Deposit Insurance Corporation (PDIC).

PNB’s financial products and services handled by the bank’s Telemoney Centers strategically located at the major cities in the Kingdom, said Robert H.R. Constantino, the PNB’s business manager for the Western Region.

Constantino urged OFWs who have questions about T-bills and other packages to visit Telemoney Centers near their place of work and inquire. He said the bank hopes to make the forums a continuing affair so that more participants could attend.

De Guzman said the PNB roadshow first took off in Dubai, then a similar gathering was held in Riyadh recently.

PNB, a multi-awarded bank, and the fifth largest private local commercial bank in the Philippines in terms of assets, is majority owned by Lucio Tan, the Philippines’ richest man and ranked by Fortune Magazine as the 451st richest person in the world in 2006.