The Securities and Exchange Commission (SEC) has ordered six lending companies to cease from operating after failing to comply on regulatory filings.
Ordered to stop operations were 9F Lending Philippines Inc., Elending Lending Inc., Hovono Lending Corp., Makati Loan Inc., Second Pay Financing Inc. and Tekwang Lending Corp.
“These financing and lending companies, including their owners, operators, promoters, representatives, and agents are directed to immediately cease and desist from engaging in, carrying out, promoting, which includes offering and advertising their lending business through the internet and/or any other media, and facilitating any lending activity or transaction,” the SEC said.
The SEC’s order is in accordance with the provisions of Republic Act 11765, or the Financial Consumer Products and Services Consumer Protection Act.
In particular, the SEC said the lending firms failed in one of the required submissions of lending firms that include submitting an impact evaluation report that is due on January 15; submitting an official e-mail and contact number; disclosing advertisements and reporting of online lending platforms; submitting a complaints handling mechanism; registration with the government’s Credit Information Corp.; and submitting the list of third-party service providers.
