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    Date: 2020-05-25 21:43:31.548608

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    Date: 2020-05-25 23:02:44.737584

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    Date: 2020-05-26 21:31:00.196385

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Complaints And Shareholding Structure Of Prosperity & Success Lending Investor Corporation

Requested from SEC by G. Graciadas at 09:43 PM on May 25, 2020.
Purpose: Public interest
Date of Coverage: 01/01/2020 - 05/25/2020
Tracking no: #SEC-357684584173

Graciadas 09:43 PM, May 25, 2020 

I would like to obtain information/copies of records relating to:

1.) The number of complaints against Prosperity & Success Lending Investor Corporation and a summary of the complaints if available;
2.) The shareholding structure of Prosperity - this entity appears to be under the control of foreign entities. It is in the public interest to obtain the shareholding information to ensure compliance of RULE 5. Citizenship Requirements of Republic Act No. 9474;
3.) Clarification over whether it is legal for lending companies to confiscate blank but signed checks as security for loans.

Infante 11:02 PM, May 25, 2020 

May 25, 2020

Dear Grace A.,

Thank you for your request dated May 25, 2020 under Executive Order No. 2 (s. 2016) on Freedom of Information in the Executive Branch, for Complaints And Shareholding Structure Of  Prosperity & Success Lending Investor Corporation.

We received your request on May 25, 2020 and will respond on or before Aug 17, 2020 09:43:31 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://www.foi.gov.ph/requests/aglzfmVmb2ktcGhyHQsSB0NvbnRlbnQiEFNFQy0zNTc2ODQ1ODQxNzMM, for request with ticket number #SEC-357684584173.

Thank you.

Respectfully,

Violeta Infante
FOI Officer

Gumtang- Remalante 09:31 PM, May 26, 2020 

May 26, 2020

Dear Grace A. Graciadas,

Greetings!

Thank you for your request dated May 25, 2020 09:43:31 PM under Executive Order No. 2 (s. 2016) on Freedom of Information in the Executive Branch.

Your Request

You asked for Complaints And Shareholding Structure Of  Prosperity & Success Lending Investor Corporation.

Response to Request
1. Based on our available records, there are 4 individuals that filed their complaints against this company for various reasons the details of which cannot be divulged and the said complaints were already forwarded to the company for its appropriate action. On top of that the SEC is already investigating the activities of the company. 

2. Shareholding structure
 
Filipino- 60%
Foreign- 40%
3. Clarification on whether or not it is legal for lending companies to confiscate blank but signed checks as security for loans. 
 
Insofar as the query above involves the rendering of a legal opinion based on the laws, rules, and regulations under the jurisdiction of the SEC, we kindly advise you to follow the SEC’s procedures in requesting for a legal opinion. You may access the procedure here: http://www.sec.gov.ph/services-2/other-services/request-for-opinion-on-legal-matters/ 

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 Armando Pan, Jr. thru 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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