SEC suspends 20 more lending Cos. Follow up to 84 companies suspended yesterday. Lending Operations: Certificate of Authority is must.

SEC cracks down on illegal lending.

PICS: SEC website

PICS: SEC website

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The President of the Philippines and his advisors are trying to usher in better days for its citizens. This is no mean task but we cannot just give up without trying. Moreover, you cannot just concentrate your time, your energy and your attention to just controlling drugs.

The financial sector has its share of corrupt officials and scam artists with everyone out to avoid paying taxes.
Therefore, it is a way of life to operate illegal enterprises just to make a fast buck without any tax liabilities.

Therefore, there is continuous and heavy leakage of revenue which rightly belongs to the state.

In addition, the vital revenues would come in handy to the government for development of projects for its citizens.

Recently, President Duterte had exhorted officials to take progressive steps to ensure that the sector functioned efficiently and effectively. There was no reason why the due revenues fail to be collected.

We need to pull up inefficient employees or give proper training to empower them. We need to assess and deal with the corrupt elements because corruption and power go hand in hand.

The biggest loss in this sector is from companies that are illegally operating. Therefore, the Securities and Exchange Commission continues to find, apprehend and prosecuting them.

Consequently, Friday saw the commission take action under its rules. It suspended the Certificates of Registration of all companies that did not possess the Certificate of Authority (CA).

These 20 companies did not possess the Certificate of Authority (CA) that is mandatory under the provisions laid down by Republic Act No. 9474 or the Lending Company Regulation Act of 2007.

Lending companies cannot operate without the CA. Last month, the crackdown on companies operating illegally included 84 whose Certificate of Registration was revoked.
The companies are:
• Peso & Cents Credit Resources Inc. (Pateros);
• Lending Markets of Cebu Corp. (Sta. Cruz, Manila);
• The Quantum Link Lending Corp. (Makati and Paranaque).
• Express Advance Inc. (Bacoor, Cavite);
• Angeles Lending Investor (Angeles City, Pampanga);
• Prosperity Link Inc. (Las Pinas);
• Champion Lending Corp. (Quezon City);
• Charton Lending Corp. (Marikina City);
• CLIA Lending Investor Inc. (Guagua, Pampanga);
• Eminence Lending Investor Inc. (Pasig City);
• PS Lending Investors Inc. (Quezon City);
• RSN Punjap Trading & Lending Corp. (Valenzuela and Malabon);
• Green Hope Credit Corp. (Valenzuela City);
• Metro Sunrise Lending Investor Inc. (Quezon City);
• Kiangan Credit Resources & Trading Corp. (Pasay City);
• Multiplier Lending Corp. (Mandaluyong City);
• LKT Lending Co. Inc. (Makati);
• Prisunic Lending Corp. (Valenzuela City);
• Metro Asia Pacific Credit Corp. (Quezon City); and
• St. Benedict Lending Investor Co. Inc. (Mandaluyong City).

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Umrao Singh
Written for: Lars-Magnus Carlsson
SUNDAY, APRIL 09, 2017