SEC Warns Companies Violating The Mandatory Grace Period For Payments
The Securities Exchange Commission (SEC) has released a notice warning against financing (FC)and lending companies (LC) who are allegedly not complying with the mandatory grace period for loan payments during the Enhanced Community Quarantine Period (ECQ) as imposed by the Bayanihan to Heal As One-Act.
The SEC has been receiving reports and complaints against the said establishments and they are assuring the public that they are taking the reports seriously. A number of FCs and LCs are already under investigation for the possible violation of the Bayanihan Act.
With this, the SEC is advising FCs and LCs to strictly comply with Section 4(aa) of the Bayanihan to Heal As One Act, its IRR and all the other laws, rules and regulations being implemented. Violation and non-compliance will be subjected to the full extent of the law.