Securities and Exchange Commission

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  • REQUEST SUBMITTED

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    Date: 2022-09-10 17:26:09.233890

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    Date: 2022-09-12 08:28:20.538631

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    Date: 2022-09-20 09:23:39.366642

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Requesting to close all Online Lending

Requested from SEC by M. Landrito at 05:26 PM on Sep 10, 2022.
Purpose: Review the interest rate of online lending companies. Close the online lending.
Date of Coverage: 08/29/2022 - 09/10/2022
Tracking no: #SEC-497816965986

Landrito 05:26 PM, Sep 10, 2022

Hi, I would like to report some of the online lending  that charging unacceptable high interest payable only in 7days! They are not helping Filipino people who are having financial hardships due to pandemic, poverty and medical illness but instead they are making the life of Filipino people more complicated and miserable by scaring people through text messages and calls sending death threats, profanity and false accusations if you are few days overdue. I would like to make an appeal to our beloved higher government to take actions and review to possibly revoke their license.

Gonzales 08:28 AM, Sep 12, 2022

September 12, 2022

Dear Mary Ann,

Thank you for your request dated Sep 10, 2022 under Executive Order No. 2 (s. 2016) on Freedom of Information in the Executive Branch, for Requesting to close all Online Lending.

We received your request on Sep 10, 2022 and will respond on or before Sep 30, 2022 05:26:09 PM, in accordance with the Executive Order's implementing rules and regulations.

Should you have any questions regarding your request, kindly contact me using the reply function on the eFOI portal at https://www.foi.gov.ph/requests/aglzfmVmb2ktcGhyHQsSB0NvbnRlbnQiEFNFQy00OTc4MTY5NjU5ODYM, for request with ticket number #SEC-497816965986.

Thank you.

Respectfully,

Isma Gonzales
FOI Officer

Landrito 11:04 PM, Sep 12, 2022

I would like to show how inconsiderate these online lending. I’m trying to settle my due with PCash they give me until 5pm I was not able to pay at the given time because I am still at work they called me a scammer right away. At 10pm I tried to settle however, it won’t go through I am suspecting that they block the payment for me to pay another late fee for the following day. Their interest and late fee are so unacceptable they are giving a hard time and taking advantage us Filipinos who are struggling financially.

Landrito 11:06 PM, Sep 12, 2022

Attached is the screenshot of threatening me to expose in social media after I failed to pay at given time, it’s a violation of privacy act.

Gumtang- Remalante 09:23 AM, Sep 20, 2022

September 20, 2022

Dear Mary Ann Landrito,

Greetings!

Thank you for your request dated Sep 10, 2022 05:26:09 PM under Executive Order No. 2 (s. 2016) on Freedom of Information in the Executive Branch.

Your Request

You asked for Requesting to close all Online Lending.

Response to Request

Please take note that the Commission is already taking the necessary actions against complaints filed against companies that is under its regulatory supervision.

To find out more about the specifics of your complaint, you may file a formal complaint with us by following the instructions below:


1. To File a Formal Complaint Against a Lending or Financing Company
Download and fill out the Complaint Form completely and accurately: https://www.sec.gov.ph/wp-content/uploads/2021/04/2021FORM_Updated-Complaint-Form.docx

2. Provide the necessary attachments, namely:
a. relevant documents and evidence that will support your claim/s or allegation/s ( e.g. screenshots of text messages and conversations with the financing/lending company);
b. loan agreement (if any);
c. valid government-issued ID; and
d. evidence/proof that you have exhausted all remedies against the company concerned before filing your complaint with the SEC.

3. Indicate the following personal information of the complainant in the complaint form:
a. personal e-mail address;
b. personal contact number/s; and
c. address (in the Philippines) where you may be furnished a copy of letter/s and order from the Commission.

4. Use the below format in the subject head of e-mail in sending the complaint form to cgfd_md@sec.gov.ph:
COMPLETE  NAME_RESPONDENT COMPANY _SUBJECT OF COMPLAINT
(ex: JUAN DELA CRUZ_ABC LENDING_DISCLOSURE STATEMENT VIOLATION)
 
5. Submit one complaint form per respondent company.
 
For more information, refer to this link: http://www.sec.gov.ph/lending-companies-and-financing-companies/complaints/

Your right to request a review
 
If you are unhappy with this response to your FOI request, you may ask us to carry out an internal review of the response by writing to Commission Secretary at comsec@sec.gov.ph. Your review request should explain why you are dissatisfied with this response, and should be made within 15 calendar days from the date when you received this letter. We will complete the review and tell you the result within 30 calendar days from the date when we receive your review request.
 
If you are not satisfied with the result of the review, you then have the right to appeal to the Office of the President under Administrative Order No. 22 (s. 2011).
 
Thank you.
Respectfully,

Atty. Rachel Esther Gumtang- Remalante
FOI Receiving Officer

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