THE Securities and Exchange Commission-Cebu Extension Office (SEC-CEBEO) has warned the public against transacting with JA’s Credit Collection Service, saying the entity is not registered as a lending company and has no authority to operate under Philippine laws.
In an advisory, the SEC-CEBEO said JA’s Credit Collection Service, owned and operated by Jo Ann Ebite Arsuento of Compostela, Cebu, has been offering loan services to the public through a Facebook page despite lacking the required registration and license from the commission.
The regulator said its investigation found that the entity was offering online loans of up to P50,000 with an interest rate of 20 percent for a 15-day loan term.
According to the SEC, JA’s Credit Collection Service and its owner may have violated Republic Act No. 9474, or the Lending Company Regulation Act of 2007, by engaging in lending activities without obtaining the necessary registration and authority from the commission.
The SEC reminded the public to exercise caution and avoid dealing with JA’s Credit Collection Service or any individual promoting its lending operations.
The commission also encouraged the public to report suspected unauthorized lending activities through its SEC iMessage Portal.
Under the Lending Company Regulation Act, entities engaged in lending activities are required to register with the SEC and secure the appropriate authority before offering loans to the public. (KOC)
