Requested from SEC by R. MENDUA at 02:55 PM on
Apr 23, 2021.
Purpose: Public interest
Date of Coverage: 11/01/2020 - 04/23/2021
Tracking no: #SEC-665500012347
MENDUA 02:55 PM, Apr 23, 2021
Hi, it has been widely reported that CASH4U FINANCING CORPORATION is involved in numerous schemes whereby they partner with employment agencies to grant loans in violation fo RA 8042, as amended.
I would like to know: (i) is the SEC investigating these concerns; (ii) does the SEC have power to reprimand a lending company if they are engaged in violations of RA 8042, as amended or RA 9160, as amended; (iii) will the SEC commit (or has it already committed) to investigating lending companies that conspire with employment agencies for internationally recognized schemes of debt bondage and TIP.
Gonzales 08:28 AM, Apr 26, 2021
April 26, 2021
Dear RONALIE,
Thank you for your request dated Apr 23, 2021 under Executive Order No. 2 (s. 2016) on Freedom of Information in the Executive Branch, for CASH4U FINANCING CORPORATION INVESTIGATION (MONEY LAUNDERING, TRAFFICKING).
We received your request on Apr 23, 2021 and will respond on or before May 14, 2021 02:55:19 PM, 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://pcoomaster10182017140000-dot-efoi-ph.appspot.com/requests/aglzfmVmb2ktcGhyHQsSB0NvbnRlbnQiEFNFQy02NjU1MDAwMTIzNDcM, for request with ticket number #SEC-665500012347.
Thank you.
Respectfully,
Isma Gonzales
FOI Officer
Gumtang- Remalante 10:30 PM, Apr 27, 2021
April 27, 2021
Dear RONALIE MENDUA,
Greetings!
Thank you for your request dated Apr 23, 2021 02:55:19 PM under Executive Order No. 2 (s. 2016) on Freedom of Information in the Executive Branch.
Your Request
You asked for CASH4U FINANCING CORPORATION INVESTIGATION (MONEY LAUNDERING, TRAFFICKING).
Response to Request
If the complaint refers to violations of R.A. 10022 (An Act Amending Republic Act No. 8042, Otherwise Known as The Migrant Workers and Overseas Filipinos Act of 1995, as amended, Further Improving the Standard of Protection and Promotion of the Welfare of Migrant Workers, their Families and Overseas Filipinos in Distress, and for Other Purposes), you may contact Department of Labor
and Employment with email ad: secshb3@dole.gov.ph, osec@dole.gov.ph
and/or Philippine Overseas Employment Administration with email ad: info@poea.gov.ph or connect@poea.gov.ph
If the complaint refers to money laundering or violations of R.A. 9160, and other related anti-money laundering laws, rules, and regulations, you may contact the Anti-Money Laundering Council with email ad: secretariat@amlc.gov.ph
For violations on the laws, rules and regulations of enforced by the Securities and Exchange Commission, we advise you to file a formal complaint before the Commission.
1. To File a Formal Complaint Against a Lending or Financing Company
Refer to this link: http://www.sec.gov.ph/lending-companies-and-financing-companies/complaints/
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); and
c. valid government-issued ID.
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 cgfd_md@sec.gov.ph: COMPLETE NAME_RESPONDENT COMPANY_SUBJECT OF COMPLAINT
(ex: JUAN DELA CRUZ_ABC LENDING_DISCLOSURE STATEMENT VIOLATION
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 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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