Digido Finance Corporation has filed a motion for reconsideration after the Securities and Exchange Commission cancelled its financing license and denies having opened or operated four branches without obtaining the necessary certificate of authority.

This comes after the SEC cancelled the financing license of Digido because it opened four exhibit booths in Bacoor, Kawit, Dasmariñas, and General Trias, all in the province of Cavite, which the commission said were operating as branches.

“The Order from the SEC’s Financing and Lending Companies Department (FinLenD) dated May 9, 2025, following careful review, anchored its decision on Digido’s temporary setup of four (4) exhibit booths in 2021.

“However, the Company was able to factually establish to the Commission that exhibit booths were only set up for marketing purposes — not a form of any permanent office or place of business,” Digido said.

It added that, “While we respect and share FinLenD's inherent thrust to promptly regulate financing and lending companies in the Philippines, the Company respectfully views this Order as a deviation from earlier established facts.”

With this in mind, Digido said it has since coordinated with SEC FinLenD and have filed a motion for reconsideration “aimed to undo this decision and continue the Company’s mission in serving the country’s financially underserved.”

Digido, which operates online lending platforms (OLPs) UnaPay and UnaCash, was found by the SEC to have violated Section 6(A) of the Implementing Rules and Regulations of the Financing Company Act of 1998 which prohibits financing company from establishing or operating a branch, agency, extension office, or unit, without a prior Certificate Authority from the Commission.

Thus, in an order dated May 9, the SEC Financing and Lending Companies Department (FinLenD) revoked Digido Finance’s certificate of authority to operate as a financing company and its primary registration.

The SEC had earlier issued show cause letters to the company for operating branches in Bacoor, Kawit, Dasmariñas, and General Trias, all in the province of Cavite, without first securing a certificate of authority.

Digido had claimed that the four were merely exhibit booths and not branches becuase they were temporarily set up for just one month and were too small to operate, or be considered, as a branch.

However, the SEC noted that these booths were not for marketing purposes only since the company’s Facebook posts showed that it is offering loans that can be processed in 10 minutes from these booths

The SEC said “we note that the Respondent intended to operate the Exhibit Booths as its own branch, considering that its own Facebook posts exhibited its promotion to the public that they may avail of cash loans in said locations.

“As such, the Respondent cannot escape any administrative liability by claiming that these booths are not permanent and are too small to be considered a branch.

“The fact that they advertised that the public can avail of their services by visiting these booths supports FinLenD's previous findings that these booths require a prior valid CA from the Commission.”