Pursuant to the commission's ongoing crackdown against illegal lending, the commission has, to date, cancelled the licenses of 35 LCs/FCs due to various violations of applicable rules and regulations. It has also suspended three LCs for violations of the implementing rules and regulations of the LCRA, reportorial requirements, and MC18, among others. Moreover, 58 online lending applications have been ordered to cease operations for lack of authority to operate as a lending or financing company. To check the full list of licensed lending and financing companies and their registration status, I strongly encourage you to check our Lending and Financing Companies corner on the SEC website at https://www.sec.gov.ph/lending-companies-and-financing-companies-2/lendingcompanies-and-financing-companies/. Kelvin Lester K. Lee is a commissioner of the Securities and Exchange Commission (SEC).

Source: Manila Times July 13, 2021 17:03 UTC