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)...
Senator Juan Miguel "Migz" Zubiri has said that as part of the curbing the country 's online gambling problem, the government must also place tighter regulations on predatory Online Lending Applications (OLAs). Zubiri said this during the Development Budget Coordination Committee briefing on...
The Securities and Exchange Commission (SEC) has ordered seven online platforms to stop lending-related operations since they are not registered with the Commission. In separate cease and desist orders (CDOs) dated Aug. 15, the SEC Financing and Lending Companies Department (FinLend) directed Cash...
The Securities and Exchange Commission (SEC) has ordered Fuse Lending Inc. to stop its unlicensed lending operations while suspending Sumulong Financing for failing to get approval for its business plan. The Commission said it has issued a cease and desist order (CDO) against Fuse Lending for its...
Loans from big banks or universal and commercial banks (UK/Bs), excluding investments in the central bank’s reverse repurchase (RRP), grew by a faster 12.1 percent in June from May’s 11.3-percent expansion. According to the latest data from the Bangko Sentral ng Pilipinas (BSP) released on...
Senate Majority Leader Joel Villanueva has called on the Bangko Sentral ng Pilipinas (BSP) to intensify its regulatory efforts against online lending applications, which have been linked to the growing incidence of cybercrimes and the rise of online gambling in the country. In a recent statement,...
The Securities and Exchange Commission (SEC) continues to crack down on erring lending firms and has recently fined LHL Online Lending Inc., doing business under the names and styles of Pautang Online and Pautang Peso, for providing misleading information in its loan agreements. In an order dated...
The Securities and Exchange Commission (SEC) has slapped a ₱1-million penalty on Link Credit Lending Investors Inc., doing business under the names and styles of iPeso and Pesoin, for engaging in unfair debt collection practices. In an order dated July 18, the SEC Financing and Lending Companies...
After issuing a cease-and-desist order last May, the Securities and Exchange Commission (SEC) has revoked the corporate registration and secondary license of Convenience Cash Lending Corp. (CCLC), doing business under the name and style of Zada Cash and Bloom Cash, for engaging in unfair debt...
The Securities and Exchange Commission (SEC) has filed criminal charges against the employees, officers, and owners of Creditable Lending Corp., the operator of online lending application Easypeso, for engaging in abusive collection practices. Through an inquest proceeding on July 17, the SEC,...
S&P Global reported that credit growth across emerging markets (EMs) in Asia has generally softened in the first six months of the year, except in the Philippines and Vietnam, where lending has notably picked up pace. According to debt watcher S&P Global, loans from major banks, including universal...
