October 28, 2022
Dear George Guda,
Greetings!
Thank you for your request dated Oct 27, 2022 09:39:23 PM under Executive Order No. 2 (s. 2016) on Freedom of Information in the Executive Branch.
Your Request
SEC MC 3 provides the rules and regulations in implementing the provisions of Bangko Sentral ng Pilipinas (BSP) Circular No. 1133, Series of 2021 on the Ceiling/s on Interest Rates and Other Fees Charged by Lending Companies, Financing Companies, and their Online Lending Platforms.
The loans covered by the ceilings under SEC MC 3 are those loans that satisfy all of the following criteria:
a. Unsecured, general-purpose loans offered by FCs, LCs, and their OLPs;
b. That do not exceed the amount of P10,000;
c. With loan tenor of up to four (4) months; and
d. That are entered into, restructured, or renewed beginning 03 March 2022, the date of effectivity of SEC MC 3.
If one of the four components is not satisfied, the caps will not apply to the loan product.
In order for us to find out if your complaint is covered by the said MC, we encourage you to file a formal complaint with us by following the instructions below in order for us to know more about the specifics of your complaint:
1. To File a Formal Complaint Against a Lending or Financing Company
Download and fill out the Complaint Form completely and accurately: https://www.sec.gov.ph/wp-content/uploads/2022/05/2022FCLC_Updated-Complaint-form.docx
2. Provide the necessary attachments, namely:
a. relevant documents and evidence that will support your claim/s or allegation/s ( e.g. screenshots of text messages and conversations with the financing/lending company);
b. loan agreement (if any);
c. valid government-issued ID; and
d. evidence/proof that you have exhausted all remedies against the company concerned before filing your complaint with the SEC.
3. Indicate the following personal information of the complainant in the complaint form:
a. personal e-mail address;
b. personal contact number/s; and
c. address (in the Philippines) where you may be furnished a copy of letter/s and order from the Commission.
4. Use the below format in the subject head of e-mail in sending the complaint form to
[email protected]:
COMPLETE NAME_RESPONDENT COMPANY _SUBJECT OF COMPLAINT
(ex: JUAN DELA CRUZ_ABC LENDING_DISCLOSURE STATEMENT VIOLATION)
5. Submit one complaint form per respondent company.
For more information, refer to this link: http://www.sec.gov.ph/lending-companies-and-financing-companies/complaints/
Rest assured that the Commission shall continue its mandate to enforce the laws, rules, and regulations under its authority and in accordance with the SEC’s standard rules and procedures.
Your right to request a review
If you are unhappy with this response to your FOI request, you may ask us to carry out an internal review of the response by writing to Commission Secretary at
[email protected]. Your review request should explain why you are dissatisfied with this response, and should be made within 15 calendar days from the date when you received this letter. We will complete the review and tell you the result within 30 calendar days from the date when we receive your review request.
If you are not satisfied with the result of the review, you then have the right to appeal to the Office of the President under Administrative Order No. 22 (s. 2011).
Thank you.
Respectfully,
Atty. Rachel Esther Gumtang- Remalante
FOI Receiving Officer
