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    Date: 2021-02-28 08:28:37.385633

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    Date: 2021-02-28 15:25:21.394414

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    Date: 2021-03-01 02:32:06.535139

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

Requested from SEC by G. Graciadas at 08:28 AM on Feb 28, 2021.
Purpose: Public Interest
Date of Coverage: 01/01/2020 - 02/28/2021
Tracking no: #SEC-977629783387

Graciadas 08:28 AM, Feb 28, 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?
2.) Why is FamilyHan Credit Corporation's interest rate listed at 5% per month when recently FamilyHan Credit Corporation has certified to the SEC that their interest rate is 15% per month? Is there any method or manner in which the interest rates are calculated?


February 28, 2021

Dear Grace A.,

Greetings!

Thank you for your request dated Feb 28, 2021 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 your request

While our aim is to provide information whenever possible, in this instance we would need for you to resubmit your request as we are still missing from you some vital information. 

Upon verification, we are able to determine that you failed to present a valid proof of identity as the copy of your Company ID appears to be expired. Therefore, your request cannot be counted as a complete and valid FOI request. 

Please ensure that, in addition to all the mandatory fields, you also provide or upload a copy of your valid ID as your proof of identification. 

For further assistance you may review the FAQ section of the eFOI site: https://www.foi.gov.ph/help.

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 the Office of Commission Secretary of the SEC. 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,

Florrence Faye S. Franco
FOI Officer

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