The Securities and Exchange Commission (SEC) on Friday announced it is looking into implementing stricter limits on interest rates and other fees imposed by lending and financing companies.
In a statement, the corporate regulator said its proposal forms part of its intensified campaign to protect borrowers from predatory lending while ensuring the viability and competitiveness of legitimate lenders.
The SEC said it issued, on October 30, for public comment the draft memorandum circular on Recalibrated Ceilings on Interest Rates and Other Fees Charged by Financing Companies, Lending Companies, and their Online Lending Platforms.
The commission said, under its proposed rules, the ceiling on interest rates and
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