Act Machineries

September 24, 2020CORPORATE GOVERNANCE AND FINANCE DEPARTMENTSEC ADVISORYThe Securities and Exchange Commission (the "Commission" or "SEC") has encountered that an entity named ACT MACHINERIES appears to be engaged in the lending business. HTcADCBased on the records of the Commission, ACT MACHINERIES is not registered as a corporation or as a partnership with the SEC. Likewise, it does not have a Certificate of Authority to Operate as a Lending/Financing Company. Hence, said entity has no authority to engage in any kind of lending activities.Republic Act No. 9474, otherwise known as the Lending Company Regulation Act of 2007 (LCRA), and Republic Act No. 8556, or the Financing Company Act of 1998 (FCA), provide that no lending or financing company shall conduct business unless granted authority by the Commission.Likewise, the LCRA and FCA prohibit the act of holding out as a lending or financing company, or representing oneself as such, through advertisements in whatever form without authority from the Commission.In view of the foregoing, the public is hereby advised to avoid or stop participating in any kind of...