August 26, 2025 | 12:00am
MANILA, Philippines — The Securities and Trade Fee (SEC) continues to crack down on unregistered on-line lending platforms (OLPs), issuing stop and desist orders towards seven extra operators.
The fee has ordered Money Konek, Pesosuki, Yescom Lending-Fast Money Mortgage, Peso101-Quick Loans PH, Peso Cow-Mabilis Pera Mortgage, Swiftloan:Mortgage App Philippines and Pera Mortgage: Quick Money PH to cease working OLPs that aren’t registered with the SEC.
These entities had been discovered selling or facilitating lending-related transactions with out the required registration and approval from the fee.
The orders additionally cowl the house owners, operators, promoters, representatives, brokers and any and all individuals claiming or appearing in behalf of the seven corporations.
The SEC stated that operations of the businesses’ unrecorded OLPs represent a violation of SEC Memorandum Round 19, Sequence of 2019, which requires financing and lending corporations to reveal their OLPs.
The fee stated that the operations additionally violated the moratorium on the registration of latest OLPs imposed on Nov. 5, 2021.
The Monetary Merchandise and Companies Shopper Safety Act authorizes the SEC to impose enforcement actions, similar to a stop and desist order, towards monetary service suppliers for noncompliance with the provisions of the regulation, its implementing guidelines and different relevant legal guidelines.
The businesses’ operations of unregistered and undisclosed OLPs circumvent the fee’s regulatory and supervisory authority, thereby exposing the general public to potential dangers, similar to abusive and unfair debt assortment practices, unjust rates of interest and violation of knowledge privateness rights, in line with the SEC Financing and Lending Firms Division.
“In gentle of the businesses’ continued unauthorized operation of their OLPs, the fee finds it essential to subject (these stop and desist orders) so as to stop additional hurt or prejudice to the general public, and to safeguard the integrity of the regulatory framework governing lending corporations,” the order acknowledged.
