SEC suspends 20 more lending firms

MANILA-- The Securities and Exchange Commission (SEC) suspended the certificates of registrationas corporations of additional 20 lending companies which failed to obtain a Certificate of Authority (CA) to Operate as a Lending Company required under Republic Act No. 9474, or the Lending Company Regulation Act of 2007.

On March 7, 2017, the SEC suspended the certificates of registration of 84 lending companies also for their failure to obtain CA to operate as lending company.

The SEC is the lead agency in the administration of said law.

Source: Philippines News Agency