Tue, 24 Nov 2020

SEC reminds public to engage with certified lending companies only

Philippine Information Agency
23 Sep 2020, 18:38 GMT+10

CEBU CITY, Sept. 22 (PIA) -- With the crisis brought about by the COVID-19 pandemic, the Securities and Exchange Commission (SEC) sees a surge in the public's engagement with money lending companies.

In view of this, SEC once again reminds the public to be vigilant and to engage only with certified and duly registered lending companies.

In a "Straight from the Source" interview hosted by the Philippine Information Agency-7, Securities Counsel Atty. Giness Teves said that borrowers must see to it that lenders have obtained a Certificate of Authority to engage issued by SEC.

This certification is secured after a company's compliance with the requirements in forming an ordinary stock corporation.

"With the economic effects of this pandemic, more people are expected to engage with lending companies to keep up with their finances," said Teves.

"We are here to remind everyone to only transact with certified lenders so that they will be protected and covered by our laws," she added.

Tevez also addressed issues of harassment during the collection of payment amid the COVID-19 pandemic.

She reiterated the Inter-Agency Task Force's (IATF) Resolution No. 33, series of 2020 or the implementation of a 30-day grace period from due date or until such time that the community quarantine is lifted for the payment of all loans.

She said financing and lending companies may face charges for violating said resolution, which could possibly lead to revocation of accreditation.

The Commission is also inviting the public to join their free webinar on the reportorial requirements of lending and financing companies on September 30, 2020.

To register, interested participants may click here: bit.ly/seccebusept30. (jkm/PIA7)

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