I just recently heard about this in various social media channels and GMA news last April 21, 2016. According to the CEO of Commonwealth Foods Incorporated, Gary Huang, Margarita Huang, and family are not connected with Comfoods for a very long time.
The victims of the lending scam reported this incident to the NBI just recently after the checks issued to them by Gary Huang was returned to them. The Huang family are currently under investigation, and cannot be found anywhere in the Philippines.
If you don’t know what the hell is Comfoods Inc., it is a Filipino firm, conglomeration of three pioneering food-manufacturing companies, which were merged on September 30, 1968. The three corporations were: Commonwealth Foods, Inc., Philippine Food Industries, Inc., and the Filipinas Biscuit Corporation. With the merger, the three entities were re-organized into the Cofi Division (for Roasted and Instant Coffee products), Philfood Division (for Cocoa and Chocolate products), and Fibisco Division (for Biscuit products) of COMFOODS.
They are quite well-known in the Philippines, that’s why a lot of people, close friends and relatives of the Huang family entrusted millions of money to them. The investors earn around 4-6% interest per month. So if you only have a million pesos with Gary Huang, you’ll conveniently earn a minimum of 40,000 pesos per month. That’s a lot compared to the banks.
Comfoods President Anthony Huang has nothing to say about this. I don’t know if Anthony Huang is Gary’s brother, but I’m pretty sure they know each other.
Image Credit: Facebook.com.