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    Date: 2021-03-15 09:32:37.474058

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    Date: 2021-03-16 08:18:44.897627

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    Date: 2021-03-16 09:52:02.331451

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Clarification on The Accuracy and Purpose of Interest Rates Displayed on SEC Website

Requested from SEC by G. Graciadas at 09:32 AM on Mar 15, 2021.
Purpose: Public Interest
Date of Coverage: 01/01/2020 - 03/15/2021
Tracking no: #SEC-545310972067

Graciadas 09:32 AM, Mar 15, 2021 

Hi, I would like to seek clarification regarding the published interest rates by the SEC at: https://www.sec.gov.ph/lending-companies-and-financing-companies-2/list-of-lending-companies-2/

I would like to know:
1.) Are lending companies required to abide by the published interest rate as a condition of their certificate of authority?

Be advised, that this FOI account has already been verified by FOI with ID and real name and this request is in compliance with FOI requirements.

Gonzales 08:18 AM, Mar 16, 2021 

March 16, 2021

Dear Grace A.,

Thank you for your request dated Mar 15, 2021 under Executive Order No. 2 (s. 2016) on Freedom of Information in the Executive Branch, for Clarification on The Accuracy and Purpose of Interest Rates Displayed on SEC Website.

We received your request on Mar 15, 2021 and will respond on or before Apr 05, 2021 09:32:37 AM, 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/aglzfmVmb2ktcGhyHQsSB0NvbnRlbnQiEFNFQy01NDUzMTA5NzIwNjcM, for request with ticket number #SEC-545310972067.

Thank you.

Respectfully,

Isma Gonzales
FOI Officer

Gumtang- Remalante 09:52 AM, Mar 16, 2021 

March 16, 2021

Dear Grace A. Graciadas,

Greetings!

Thank you for your request dated Mar 15, 2021 09:32:37 AM under Executive Order No. 2 (s. 2016) on Freedom of Information in the Executive Branch.

Your Request

You asked for Clarification on The Accuracy and Purpose of Interest Rates Displayed on SEC Website.

Response to Request

Please be informed that the interest rates published in the SEC website are manually culled from the Information Sheet submitted by the lending companies.  These companies are required to use these interest rates as these are what have been submitted to the SEC.

As to your ID, may I know how this was verified by the FOI?  Please take note that the ID you submitted is the same one you have been submitting before. As pointed out in our previous correspondence with you, the ID is already expired and it does not appear to be one of the acceptable valid IDs. 

I also advise you to email our office thru cgfd_md@sec.gov.ph if you have further concerns or any knowledge of lending companies imposing interest rates that is different from the published rates or submitted in the Information Sheet.

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 comsec@sec.gov.ph. 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

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