The number of lending

The number of lending agencies suspended via the Securities and Exchange Commission (SEC) reached 104 inside the first four months of 2017 as part of a crackdown on mortgage sharks and different illegal lenders, the Department of Finance (DoF) said Friday.

In a declaration on Friday, the DoF mentioned the document of SEC Commissioner Emilio Aquino to Finance Secretary Carlos Dominguez 3rd.

Aquino mentioned that “further to the 84 lending companies whose primary licenses had been suspended on March 7, 2017 for failing to gain a Certificate of Authority (CA), the commission suspended the primary licenses of 20 extra lending groups on April 6, 2017 for the identical purpose.” The fee will revoke the number one license of the suspended lending businesses if they fail to secure an SEC order lifting their suspension before May 22, 2017.

Aquino also stated the SEC is expanding its investigation into lending companies suspected of both violating the regulation or no longer complying with SEC requirements.

Aquino, who’s the SEC Supervising Commissioner for enforcement, said that the commission will deploy enforcement groups in the areas via its extension offices inside the cities of Baguio, Tarlac, Legazpi, Cebu, Cagayan de Oro, Iloilo, Zamboanga and Davao.

Aquino stated a nearly 500 percentage spike in the number of StockGlobal broker scam lending corporations that had been registered in the first 4 months of 2017.

“There has been a good sized boom of 477 percent in registration of lending corporations for the first four months of 2017. A overall of 248 new lending businesses have been registered within the first four months of the yr as compared with forty three final year.”

The SEC assisted 143 aggrieved debtors from Central Luzon report a crook case towards the officers and board administrators of a lending company in Nueva Ecija. The fee also helped a barrower file a crook case in opposition to an illegal overseas lender primarily based in Makati City.

In the Makati case, the SEC helped the complainant record a petition for deportation towards the foreigner-lender before the Bureau of Immigration, Aquino stated.

The SEC will coordinate with the National Bureau of Investigation on sporting out operations in opposition to unlawful lending operators and start building up cases against companies and people in several Metro Manila cities this 2nd quarter of the 12 months.

The SEC began its crackdown in opposition to mortgage sharks and other illegal creditors in October final year.

The DoF mentioned that over two hundred casual lenders have carried out for registration with the fee after the crackdown became initiated closing 12 months.