NINETEEN corporations and two accounting firms have attended the series of orientation conducted by the Securities and Exchange Commission (SEC)-Bacolod Extension Office yesterday, January 22.
Among the participating corporations are Negrense Finance and Credit Corp., Mont Prime Lending, Philippine Waters Lending Corp., BDFIC, Zeus Prime Lenidng Corp., Lenvil Lending Inc., BEAC Rel Lending Investor Corp., Escamilla Credit Inc., Golden Sun Finance, Buglas Development & Investments Corp., Negros Safe Lending, Agencia Bacolod, Gall Lending Corporation, WNMMM Lending Corporation, Icredit Finance Corp., ATC Lending Corp., NKB Lending Corp., EMDEES Lending Corp., and 24k Lending Corp.
The commission, through the orientation, aims to educate the financing and lending companies with relevant laws and memorandum circulars, it said.
SEC-Bacolod officer-in-charge lawyer Annabelle Corral-Respall, during the orientation, reiterated that being the mother supervising agency of the lending and financing companies in Negros Occidental, the extension office is opening its doors to cater the needs of the clients.
Corral-Respall said after the orientation, the commission will conduct ocular visit to all the lending and financing companies.
“The SEC is visiting the companies not to find faults but to actually check whether they have been compliant or not,” she added.
The first series of orientation last week was attended by different lending and financing companies from Bacolod City and other localities in Negros Occidental.
These included EMB Capital Lending Corp, T&S Credit and Lending Corp., RA Financial Services Inc., Smart Finance Corp., Apex Credit and Finance Corp., Bacolod GM Lending Corp., Credit Mix Inc., TMGSI Finance Corp., Commercial Credit Corp. of Negros, Boston Finance, Victorias North Star Lending Corp., Opti Prime Lending Corp. and Goldcheck Finance.
The orientation focused on the salient provisions of RA No. 9474 or the Lending Regulation Act of 2007, RA No. 376 or the Truth in Lending Act, RA No. 8556 or the Financing Company Act of 1998, and their Implementing Rules and Regulations, Memorandum Circulars No. 18 and 19 series of 2019 and Memorandum Circular No. 7 series of 2011.
These are the primary governing laws for the lending and financing companies. Borrowers can also benefit from awareness of the aforementioned laws, the commission said. (PR)