MANILA, Philippines – The Securities and Exchange Commission (SEC) annouced on Thursday, April 6, the suspension of the certificates of registration of 20 more lending companies, after the firms failed to obtain a Certificate of Authority (CA) for their operations.
The CA is required under Section 4 of Republic Act 9474 or the Lending Corporation Act of 2007. It states: “No lending company shall operate business unless granted an authority to operate by the SEC.”
The SEC is the lead agency in implenting this law.
Listed below are the 20 suspended companies:
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The closure of firms is part of the government's crackdown on illegal lending.
Last January 10, Justice Secretary Vitaliano Aguirre II announced that "5-6" lenders could be arrested even without a warrant as President Rodrigo Duterte seeks to replace illegal lending with the Department of Trade and Industry's alternative lending program. – Rappler.com