SEC probes lending, financing firms for Bayanihan Act violations
By Helen Veryan C. Valdez
BAGUIO CITY -- The
Securities and Exchange Commission warned lending and financing firms to
implement a grace period for a minimum of 30 days payment of all loans falling
due within the Enhanced Community Quarantine Period.
Regina
May Cajucom-De Guzman, SEC-BEO director said this grace period applies to due dates
falling within the ECQ period, which originally was from March 17 to April 14.
“In
view of the latest extension of the ECQ until May 15, 2020, the grace period is
also automatically extended in accordance with the IRR crafted by the
Department of Finance,” she said.
The
SEC had reportedly been receiving reports and complaints against lending and
financing companies that allegedly refuse to comply with Section 4(aa) of
Republic Act No. 11469, aptly known as the Bayanihan to Heal as One Act, and
its implementing rules and regulations.
In
accordance with RA 11469, the national government directed all banks,
quasibanks, financing companies, lending companies, and other financial
institutions to implement the grace period.
The
Commission revealed that a number of financing and lending institutions are
currently being investigated for possible violation of the law.
The SEC warned all
financing and lending companies that any violation or non-compliance of the
Bayanihan Act shall be subject to appropriate penalties provided under the said
law, as well as under other applicable statutes and guidelines.
“The
COVID-19 pandemic has affected everyone across the globe in one way or another,
with thousands of lives being lost and livelihoods being disrupted,” SEC
Chairperson Emilio B. Aquino said. “In these trying times, the compliance of
lending and financing companies with the mandatory grace period and other
emergency measures being implemented would greatly help our fellow Filipinos
recover from the pandemic.”
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