CEBU CITY – The Securities and Exchange Commission (SEC) here has reminded the public to only transact with certified money lending companies to be protected by law as it notably sees a surge in engagement amid the crisis brought about by the coronavirus disease 2019 (Covid-19) pandemic.
Lawyer Giness Teves, SEC-Cebu counsel, advised them to be vigilant and ensure 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,” Teves said in a statement Wednesday.
“We are here to remind everyone to only transact with certified lenders so that they will be protected and covered by our laws,” she said.
Teves also addressed issues of harassment during the collection of payment amid the Covid-19 pandemic.
She reiterated the Inter-Agency Task Force’s Resolution No. 33 which orders 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.
Tevez said financing and lending companies may face charges if they violate the said resolution, which could possibly lead to revocation of accreditation.
The SEC is also inviting the public to join their free webinar on the reportorial requirements of lending and financing companies on Sept. 30, 2020. To register, interested participants may do so through bit.ly/seccebusept30. (PNA)