Complaints - Securities and Exchange Commission

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I. IMPORTANT REMINDERS

Before proceeding, please take note of the following:
a.	A complaint insufficient in form and/or substance may cause its outright dismissal. To avoid this, please:
	i.	Always fill out the Complaint Form completely and accurately.
	ii.	Indicate the complete corporate name of the respondent. The updated list of microfinance NGOs accredited by the Microfinance NGO Regulatory Council is available at: https://sec.gov.ph/microfinance-ngo-regulatory-council/list-of-accredited-microfinance-ngos/
	iii.	Do not forget to attach all relevant documents, necessary evidence/proof to support your claims and loan agreement (if any).
	iv.	Submit one complaint form per respondent accredited microfinance NGO. In the complaint form, only indicate the following:
		•	personal e-mail address;
		•	personal contact number/s; and
		•	address (in the Philippines) where you may be furnished a copy of letter/s and order from the Commission.
	v.	Attach a valid government-issued I.D. in your complaint.
b.	Only microfinance NGOs accredited by the Microfinance NGO Regulatory Council under Republic Act No. 10693, otherwise known as the Microfinance NGOs Act, may become respondent/s to your complaint.
c.	The respondent accredited microfinance NGO will be furnished a copy of your complaint for its answer/comment.
d.	The Microfinance NGO Regulatory Council cannot do any of the following:
	i.	Change the terms of the loan contract, including the payment and collection of the amount due.
	ii.	Declare that the interest rate agreed upon is null and void for being excessive, iniquitous, unconscionable and exorbitant.
	iii.	Declare that the loan contract is void.
	iv.	Cancel/settle your loan obligation.

II. SUBJECT MATTER AND OTHER CONSIDERATIONS

The Microfinance NGO Regulatory Council accredits microfinance NGOs satisfying the sound and measurable standards of financial performance, social performance and governance, hence, only the following subject matter/issues may be raised in your complaint:
a.	Failure to abide by Client Protection Principles s
b.	Engaging in banking operations or quasi-banking functions other than collecting micro-savings as compensating balance for its member-clients
c.	Directly engaging in insurance business
d.	Violation of Republic Act No. 10693 or the Microfinance NGOs Act, its Implementing Rules and Regulations and pertinent issuances of the Microfinance NGO Regulatory Council available at: http://150.150.150.155/microfinance-ngo-regulatory-council/mnrc-issuances/
e.	Violation of Republic Act No. 3765, or the Truth in Lending Act, its Implementing Rules and Regulations and pertinent issuances of the Microfinance NGO Regulatory Council, e.g. MNRC Memorandum Circular No. 1, Series of 2019
f.	Violation of Republic Act No. 9510, or the Credit Information System Act, its Implementing Rules and Regulations and pertinent issuances of the Microfinance NGO Regulatory Council, e.g. MNRC Memorandum Circular No. 1, Series of 2020
If your complaint does not involve any of the enumerated issues, the Microfinance NGO Regulatory Council and its Secretariat may do any of the following depending on their prudent evaluation and judgment:
–	Dismiss outright your complaint, indicating therein the reasons therefor; or
–	Endorse your complaint to other government agencies with the proper jurisdiction on the subject matter, e.g. Securities and Exchange Commission, Bangko Sentral ng Pilipinas, Insurance Commission, National Privacy Commission and Department of Trade and Industry, etc.
	For complaints involving data privacy breach and/or unauthorized access to and/or processing of your personal information, please visit https://www.privacy.gov.ph/complaints-main/> to file a complaint before the National Privacy Commission.
	In the interest of time and to avoid litigation, you may settle with the accredited microfinance NGO by following its grievance mechanism system and/or visiting its head office, branch/es and/or website to file a complaint. You may also consult your lawyer so that the facts and circumstances of your complaint may be properly reviewed and so you may be further advised of the available remedies against an accredited microfinance NGO.

III. PROCEDURE

	–	Please download the Complaint Form here.
	–	After duly accomplishing the Complaint Form, you may file your complaint through:
	a.	Walk-in/personal filing
		1.	Photocopy of your valid government-issued I.D. and/or special power of attorney.
		2.	Original/photocopy of supporting evidence/documents to your complaint, e.g. loan contract, disclosure statement, amortization schedule, receipts, passbooks and other relevant documents that will help us evaluate your complaint.
	b.	E-mail
		You may send a duly accomplished Complaint Form to mnrc_secretariat@sec.gov.ph and attach scanned copies of your valid government-issued I.D. and/or special power of attorney, and supporting evidence/documents to your complaint, e.g. loan contract, disclosure statement, amortization schedule, receipts, passbooks and other relevant documents that will help us evaluate your complaint. Please use the following format in the subject head of your e-mail: COMPLETE NAME_ ACCREDITED MICROFINANCE NGO_SUBJECT OF COMPLAINT, e.g. MARIA LOURDES SANTOS_ABC FOUNDATION, INC. (A MICROFINANCE NGO)_DISCLOSURE STATEMENT VIOLATION
	–	Upon receipt of the duly accomplished Complaint Form, the Secretariat will evaluate it together with the supporting evidence/documents.
	–	A copy of your complaint will be sent to the accredited microfinance NGO, giving it ten (10) days from receipt to give an answer/comment.
	–	Depending on the evaluation of the respondent accredited microfinance NGO’s answer/comment, the Secretariat may:
		a.	Require you to file a reply to the respondent accredited microfinance NGO’s answer/comment; or
		b.	Close and terminate the complaint, if in its assessment, the issue has already been resolved.
	–	Should the Secretariat find sufficient ground/s which warrant the action/intervention of the Microfinance NGO Regulatory Council, with respect to the accreditation of the respondent microfinance NGO, it will decide on your complaint during its regular or special meeting/s duly called for the purpose.