Warning to all Loan Seekers: Here are the 84 Lending Companies Suspended by SEC

Because of illegal operations, the Securities and Exchange Commission (SEC) has suspended for 60 days the license of 84 lending companies.

According to Inquirer report, the suspended lending companies failed to obtain a secondary license or a certificate of authority, to operate as a lending company.

The said clearances or documents are prescribed under Republic Act No. 9474 or the Lending Company Regulation Act of 2007.

The suspension takes place after SEC sent out more than 300 show-cause letter twice to every registered lending company which did not possess any license to operate a business.

They are mandated to explain why certificates of registration (as a corporation) should not be suspended in view of the failure to secure the certificate. 

Out of the 300 letters, 84 were returned to sender.

Aside from suspension, a fine of not less P10,000 or imprisonment of not less than six months but not more than 10 years or both, await those who violate the law.

SEC added, that if they still do not respond within the suspension period, proceedings for revocation of their certificates of registration will immediately ensue.

SEC's action is in support of President Duterte's severe measure against the illegal operation of some lending companies

Here's the list of suspended illegal lenders.

According to the Law, before a lending company to operates, it needs an authority to operate from the SEC.

SEC director Justina Callangan, of the SEC’s Corporate Governance and Finance Department said that the 84 lending had given more than sufficient time to comply with the law, hence, their continued noncompliance warranted their suspension.

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Do You Know How to Apply for Pag-IBIG Short Term Loan?

Don't you know that as a member of Pag-IBIG, you can avail many kinds of loan and not just a housing loan? Here's a good news, this 2017 you can now borrow the 80 percent of your total savings in Pag-IBIG through Multi-Purpose Loan (MPL).

All you need to do is to make sure that you made a 24 months contribution; you are an active member of the fund nad has an updated account if you already had an existing Pag-IBIG housing loan, multi-purpose loan (MPL) or calamity loan.MPL is another short-term loan (SLT) program of Pag-IBIG that aims to provide financial assistance to Pag-ibig members for house repair, minor home improvement, home enhancement, tuition or educational expenses, health and wellness, livelihood, and other purposes.

Read more: http://www.jbsolis.com/2017/03/do-you-know-how-to-apply-for-pag-ibig-short-term-loan.html#ixzz4cCE5FaFI

18 Common Questions in "No Return, No Exchange" Policy

As a consumer, are you familiar with "No Return, No Exchange" policy? We often see this posted in malls or printed in receipts. What did you do when you discovered that the new item you bought has a hidden defect? Have you tried to return it or leave it behind? Have you experience returning the defective item and never got a refund or new item in return? These are few questions in our mind that need an answer.

According to Department of Trade and Industry (DTI) here are the common questions, a consumer needs to know about their rights in "No Return, No Exchange Policy."

Read more: http://www.jbsolis.com/2017/03/18-common-questions-in-no-return-no-exchange-policy.html#ixzz4cCEWJhRm

5 Money Tips for OFWs + 5 Guidelines on Borrowing Money

As a Filipino that works abroad or OFW, how long would you like to work in other country and be away from your family? Do you have a goal to be able to come back in the Philippines for good, let us say, after 10 years of working?

Others may say, this is impossible because of too many spending to meet, especially with a family back home without a stable income.

But according to wealth expert Vice Rapisura, president of the Social Enterprise Development Partnership, Inc. it is possible for an OFW to set a goal to come back home.

Read more: http://www.jbsolis.com/2017/03/5-money-tips-for-ofws-5-guidelines-on-borrowing-money.html#ixzz4cCEghYZy

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