SEC shuts down 836 illegal lenders
MANILA, Philippines – The Securities and Exchange Commission (SEC) revoked the registration of 836 companies engaged in lending activities without the necessary licenses, the agency said on Wednesday, July 24.
The SEC said the companies were registered as lending companies but did not have the certificate of authority to operate as such, which is a requirement under Republic Act No. 9474 or the Lending Company Regulation Act.
The list of revoked and suspended lending companies can be viewed here.
Any person who engages in lending without having the certification will face a fine ranging from P10,000 to P50,000 and/or imprisonment of 6 months to 10 years.
To date, a total of 2,783 lending firms have obtained the required documents, while some 2,080 companies were found to be in violation of the law.
"To protect both the integrity of legitimate lending companies and the interests of borrowers, the commission will remain relentless in going after informal lenders as well as those engaging in predatory, abusive, and unfair lending practices," SEC Chairperson Emilio Aquino said. – Rappler.com