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Lenders warned: Implement moratorium or face penalties

Financing and lending companies that will violate the recent order to provide moratorium to their clients will have to face penalties based on the newly-crafted law, the Securities and Exchange Commission warned.

In a press statement released last week, the SEC said that as per the Republic Act no. 11469 or The Bayanihan to Heal as One Act, all banks, quasi-banks, financing companies, lending companies, and other financial institutions, public and private are directed to implement a minimum of a 30-day grace period for the payment of all loans.

The agency said the order provides relief to affected individuals brought by the disrupted work and businesses causing financial setbacks during the pandemic.

Companies who refuse to follow the said order shall be penalized with two months imprisonment, a P10,000 to P1,000,000 fine, or both, upon discretion of the court.

The public may file a complaint to SEC by filling in the complaint form available in the SEC website, and attach evidence of their complaint and a valid ID.

Complaints may be sent via email to cgfd_md@sec.gov.ph with a subject title: FULL NAME_COMPANY COMPLAINED OF_SUBJECT OF COMPLAINT (ex:
JUAN DELA CRUZ_ABC LENDING_DISCLOSURE STATEMENT
VIOLATION).

People may also check the validity of the financing or lending company they transacted with on the SEC website http://www.sec.gov.ph/lending-companies-and-financing-companies/list-of-lending-companies/.

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