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Manila Bulletin devider Business devider Banking & Finance devider SEC plans to end online lending license freeze in April

SEC plans to end online lending license freeze in April

Published Mar 2, 2026 12:00 am  |  Updated Feb 28, 2026 04:25 pm
In the photo: (L to R, standing) LenderLink CEO and Founder, Christo Georgiev; Billease CEO and Co-Founder, Georg Steiger; Salmon Co-Founder, Raffy Montemayor; Salmon Co-Founder, Pavel Fedorov; and ADVANCE.AI and ADVANCE.CBP PH Country Manager, Michelle Anne Chan. (L to R, seated) Office of Cong. Jude Acidre’s Chief of Staff, Atty. Cesar Ong; Security and Exchange Commission (SEC) Commissioner Rogelio Quevedo; and Industry Expert and former Bangko Sentral ng Pilipinas (BSP) Deputy Governor Chuchi Fonacier.
In the photo: (L to R, standing) LenderLink CEO and Founder, Christo Georgiev; Billease CEO and Co-Founder, Georg Steiger; Salmon Co-Founder, Raffy Montemayor; Salmon Co-Founder, Pavel Fedorov; and ADVANCE.AI and ADVANCE.CBP PH Country Manager, Michelle Anne Chan. (L to R, seated) Office of Cong. Jude Acidre’s Chief of Staff, Atty. Cesar Ong; Security and Exchange Commission (SEC) Commissioner Rogelio Quevedo; and Industry Expert and former Bangko Sentral ng Pilipinas (BSP) Deputy Governor Chuchi Fonacier.
The Securities and Exchange Commission (SEC) plans to lift the nearly four-year-old moratorium on online lending licenses by April, a move aimed at boosting competition and lowering borrowing costs in the country’s burgeoning digital finance sector.
SEC Commissioner Rogelio Quevedo announced the policy shift during a recent fintech roundtable, noting that the regulator is now better equipped to oversee the industry than it was when the freeze was first implemented.
The commission halted new licenses for online lending platforms in May 2021 following the surge in consumer complaints regarding financial scams and aggressive collection practices.
Quevedo said the lifting of the moratorium is in recognition that the borrowing and lending landscape in the country has shifted almost entirely to digital channels.
By allowing new players to enter the market, the SEC expects an influx of capital and technology that will provide Filipinos with more options for credit. Increased competition among lenders is expected to naturally drive down interest rates, which have remained high due to a perceived lack of alternative providers and high operational risks.
Beyond increasing the number of licensed players, the SEC is also exploring the use of blockchain technology to modernize how credit data is shared across the financial system.
Currently, the lack of comprehensive credit histories forces many digital lenders to charge high risk premiums. Quevedo noted that credit information in the Philippines remains siloed, as traditional banks are often reluctant to share client data with competitors or fintech startups.
The regulator is studying whether a blockchain-based framework could provide a secure, decentralized way for institutions to verify borrower identities and financial behavior. Integrating credit information nationwide would allow lenders to more accurately price risk, potentially making loans more affordable for the average consumer.
Industry leaders at the event, including Salmon Co-Founder Raffy Montemayor, emphasized that while customers are generally willing to share data, the absence of a government-mandated, standardized framework remains a significant hurdle.
Montemayor argued that without clear rules and required participation from all financial institutions, valuable data will remain locked away, hindering financial inclusion.
Pavel Fedorov, also a co-founder of Salmon, pointed to Cambodia as a regional model where regulator-enforced data sharing via APIs under central bank supervision significantly expanded credit access.
Similarly, Michelle Anne Chan of ADVANCE.AI noted that artificial intelligence will likely serve as the engine for this transition, allowing lenders to process consolidated data more efficiently while maintaining security.

Related Tags

Securities and Exchange Commission Rogelio V. Quevedo Salmon ADVANCEAI Raffy Montemayor Pavel Fedorov Michelle Ann Chan
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