Securities and Exchange Commission

Gonzales 05:00 PM, May 24, 2021

May 24, 2021

Dear RONALIE,

Thank you for your request dated May 19, 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 May 19, 2021 and will respond on or before Jun 09, 2021 05:35:31 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://foi.gov.ph/requests/aglzfmVmb2ktcGhyHQsSB0NvbnRlbnQiEFNFQy0wNjgxOTMyNDkwMjYM, for request with ticket number #SEC-068193249026.

Thank you.

Respectfully,

Isma Gonzales
FOI Officer

Gumtang- Remalante 08:57 PM, May 25, 2021

May 25, 2021

Dear RONALIE MENDUA,

Greetings!

Thank you for your request dated May 19, 2021 05:35:31 PM 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 of lending companies posted in the SEC website were manually culled from the documents submitted by the company. The companies are expected to implement what they have disclosed as their interest rates. This is to provide transparency and options for borrowers on the interest rates being charged by these companies.   In case you have information that lending companies are charging higher than what they have submitted to the SEC,  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: https://www.sec.gov.ph/lending-companies-and-financing-companies-2/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