Published by Anti-Money Laundering Council(AMLCS) on Nov. 2, 2023.
Requested from AMLC by J. Pacalso at 03:24 PM on
Nov. 2, 2023.
Purpose: Research if this is a fraudulent company who intends to scam people
Date of Coverage: 11/02/2023 - 11/02/2023
Tracking no: #AMLCS-046612416194
J.PACALSO
Nov. 2, 2023, 3:24 p.m.
I want to check if this company is really legit. They have posts on Facebook for lending purposes then directs the borrower to Telegram to talk to an agent.
In Telegram, their agent will ask you for documents and will show you a contract.
I'm not sure if it's legal as they will advise you later that first time borrowers will have to pay for the 10% of the loan amount (example: loan amount of 80k will have a fee of 8k). The fee is for the borrower to have a credit line with company.
If you will cancel your application, borrower will need to pay for 50% of the loan amount.
F.OFFICER
Nov. 3, 2023, 2:05 p.m.
November 3, 2023
Dear Mr. Pacalso,
We refer to your letter of Nov 02, 2023 03:24:11 PM about your request under Executive Order No. 2 (s. 2016) on Freedom of Information in the Executive Branch, for PHIL Lending 101 Corporation.
In order for us to work further on your request, we need more information from you regarding your query. In particular, please give us more details such as the name of the business as posted on Facebook. Please give us a brief narration of the facts regarding your interaction with their agent via Telegram.
You may use the reply function on the eFOI portal at https://www.foi.gov.ph/requests/aglzfmVmb2ktcGhyHwsSB0NvbnRlbnQiEkFNTENTLTA0NjYxMjQxNjE5NAw, for request with ticket number #AMLCS-046612416194, to respond.
During the period of us awaiting your reply, your request will be put on hold. If we do not receive a reply on or before Jan 26, 2024 06:02:40 AM, your request will be closed.
We hope to hear from you at the soonest possible time.
Thank you.
Respectfully,
FOI Receiving Officer
J.PACALSO
Nov. 3, 2023, 3:36 p.m.
This was posted first in Facebook as PERSONAL LOANS. When you click on the Apply Now, they will message you to contact an agent on Telegram. I chatted with Alyssa first on Telegram. She asked for details like address, loan amount, terms, company working for, etc.
After verification, she directed me to another agent, Nicolas Canapi who also got my details and asked me to create a portal account for a credit wallet in their company. It is their that the loan amount will be credited and can be withdrawn.
Nicolas then created a group in Telegram for "borrowers" where he messaged us about the contract and stated that a credit fee of 10% should be paid before loan amount can be withdrawn. This fee will also allow you to get an OTP code that you need to withdraw your credited loan amount in the website.
Minimum loan amount is 80k so you need to pay 8k to withdraw it. If you will cancel this loan, borrower will need to pay 50% of the loan amount which I think is really cunning for a lending company like them. It's deceiving people in their time of need.
Attachments:
F.OFFICER
Nov. 23, 2023, 4:57 p.m.
November 23, 2023
Dear Mr. Pacalso,
Thank you for your request dated Nov 02, 2023 under Executive Order No. 2 (s. 2016) on Freedom of Information in the Executive Branch, for PHIL Lending 101 Corporation.
We received your request on Nov 02, 2023 and will respond on or before Nov 24, 2023 in accordance with the Executive Order's implementing rules and regulations.
Should you have any questions regarding your request, kindly contact me using the reply function on the eFOI portal at https://www.foi.gov.ph/requests/aglzfmVmb2ktcGhyHwsSB0NvbnRlbnQiEkFNTENTLTA0NjYxMjQxNjE5NAw, for request with ticket number #AMLCS-046612416194.
Thank you.
Respectfully,
FOI Receiving Officer
A.DECISION MAKER
Nov. 23, 2023, 5:56 p.m.
November 23, 2023
Dear Mr. Pacalso,
Thank you for your request dated Nov 02 and 03 2023 under Executive Order No. 2 (s. 2016) on Freedom of Information in the Executive Branch.
We understand that you are requesting if PHIL Lending 101 Corporation is a legitimate company, given its allegedly fraudulently activities.
PHIL Lending 101 Corporation is a duly registered and licensed lending company. According to Republic Act No. 9794 or the Lending Company Regulation Act, the business of lending activities can only be engaged or entered into by a stock corporation duly registered and licensed by the Securities and Exchange Commission (SEC). Upon checking, PHIL Lending 101 Corporation is currently included in the SEC's List of Lending Companies (as of 30 September 2023) under SEC Registration No. CS201009053 and Certificate of Authority No. 772.
The AMLC, however, does not have jurisdiction to investigate the alleged fraudulent activities of the subject lending company.
Section 7(6) of Republic Act No. 9160, otherwise known as the Anti-Money Laundering Act of 2001, as amended (AMLA), authorizes the AMLC to investigate the following: (a) suspicious transactions and covered transactions deemed suspicious after determination by the AMLC; (b) money laundering activities; and (c) other violations of the AMLA.
Likewise, Section 10 of Republic Act No. 10169, otherwise known as the Terrorism Financing Prevention and Suppression Act of 2012 (TFPSA), authorizes the AMLC, either upon its own initiative or at the request of the Anti-Terrorism Council, to investigate: (a) any property or funds that are in any way related to financing of terrorism or acts of terrorism; (b) property or funds of any person or persons in relation to whom there is probable cause to believe that such person or persons are committing or attempting or conspiring to commit, or participating in or facilitating the financing of terrorism or acts of terrorism.
As there are no allegations of covered or suspicious transactions, money laundering or terrorism financing activities, or other AMLA and TFPSA violations, it is advised to report the matter instead to the SEC as PHIL Lending 101 Corporations' regulator.
If the operations of PHIL Lending101 Corporation apparently violate the Corporation Code, the Lending Company Regulation Act, or any other law regulating lending companies, a formal complaint may be filed against it before the SEC for investigation.
Please be guided accordingly.
Respectfully,
FOI Decision Maker
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