Bank lending accelerated to its fastest pace in nine months in April, fueled by the sharp rebound in credit demand from corporate borrowers and steady household spending. Preliminary data released by the Bangko Sentral ng Pilipinas (BSP) showed that outstanding loans granted by universal and...
More than 200 employees of an online lending collection firm were arrested in Quezon City after allegedly impersonating police officers to intimidate borrowers into paying their loans. Agents of the National Bureau of Investigation (NBI) raided two sites in the city and uncovered an alleged scheme...
Lending by big banks, or universal and commercial banks (U/KBs), closed the first quarter on an upbeat note as it accelerated to a seven-month high in March, according to the Bangko Sentral ng Pilipinas (BSP). This came as the sector provided “even stronger support for the production activities...
Philippine banks expect loan demand from Filipino entrepreneurs and households to remain steady in the second quarter of the year, according to the central bank, which said banks face a balancing act on lending rules amid the domestic spillover of the Middle East war. Results of the latest...
The Securities and Exchange Commission (SEC) has warned the public against transacting with three individuals and entities engaged in unauthorized investment schemes, financing, and lending activities. In separate advisories, the SEC alerted the public against Marexx Gadgets and Accessories Shop, a...
Previously capping loan terms at five years at most, the Bangko Sentral ng Pilipinas (BSP) has moved to amend this rule, proposing a principles-based approach where loan length will be based on a comprehensive assessment of a borrower’s creditworthiness. Under a draft circular, which is...
Local banking sector showed signs of resilience in February as lending growth by major lenders accelerated, snapping the cooling trend that had sent credit expansion to a near two-year low the previous month. According to the latest data from the Bangko Sentral ng Pilipinas (BSP), bank lending...
The Securities and Exchange Commission (SEC) has revoked the registration and operating license of Gul-Zara Lending Investor Corp. after the firm failed to meet mandatory reporting requirements and defied moratorium on new digital lending platforms. The corporate regulator’s Financing and Lending...
The Senate on Monday, March 9, approved on third and final reading Senate Bill No. 1744, otherwise known as the Fair Debt Collection Practices Act. Voting 20-0-0, the Upper Chamber approved the proposed measure, which aims to regulate debt collection practices and protect debtors from abuse,...
The Securities and Exchange Commission (SEC) has ordered Umeta Credit Lending Corp. to stop its unauthorized operation of unrecorded online lending platforms (OLPs)—FinLedger-Smart Ledger, Cash Twig, Meta Cash, and MorePautang-Loan Hub—and for engaging in unfair debt collection practices. In a...
The Securities and Exchange Commission (SEC) has slapped a ₱1-million fine against Surity Cash Lending Investors Corp. for its unfair debt collection practices. The Commission En Banc decided to impose the fine after Surity Cash was found to have committed three counts of violation of SEC...
The Securities and Exchange Commission (SEC) has ordered Microdot Lending Corp. to stop operations due to its unfair debt collection practices and its failure to disclose the operations of some of its online lending platforms (OLPs). The SEC Financing and Lending Companies Department (FinLend)...
