May 7, 2019
SEC-OGC OPINION NO. 45-19
RE: LENDING COMPANY ACTIVITY
Gammad Law Office
3B Basic Petroleum Building
104 C Palanca Street, Legaspi Village
Makati City
Attention: Atty. Joel C. Gammad
Gentlemen :
This refers to your letters dated 20 September 2018 and 04 February 2019 requesting for confirmation of your position that the proposed financial assistance to be extended by Global Mobility Service Philippines, Inc. (GMS) to its clients will not constitute lending as defined in relevant laws.
The primary purpose of GMS under its Amended Articles of Incorporation is stated as follows:
"To enter into the business of providing vehicle services using IT Infrastructure, Mobility-Cloud Connecting System and application platform as a Service; To render vehicle management services using transportation software without operating as a public utility or as an internet service provider; To engage in vehicle data gathering, processing, sharing, storage and exchange; To provide technical support, maintenance, research and development for faster mobility and efficient land transportation; To engage in import, export and wholesale of Vehicles, both conventional and electric, and their spare parts, and; To engage in other activities necessary...
