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 email@example.com with a subject title: FULL NAME_COMPANY COMPLAINED OF_SUBJECT OF COMPLAINT (ex:
JUAN DELA CRUZ_ABC LENDING_DISCLOSURE STATEMENT
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/.
- Discover new tech trends and the new retail at the Stores Asia Expo 2022
- 10th ID donates aircons to seniors
- `Disgraceful version’ Sara lambastes Walden Bello for `blaming’ her for libel case
- Man missing as floods hit city, bares CDRRMO
- Thai, 14 others to judge `Indak-indak’, says organizer
- Councilors acknowledge Times’ role in shaping Davao’s history
- Editorial Cartoon of the Day
- Davao Light and Poer Co., Inc. Service disruptions on August 11, 12, and 13 in different areas of Davao City
- ROUGH CUTS | One light moment with the late FVR
- OFFICIAL | Number of enrollees seen to surpass number last year