The Philippine Securities and Exchange Commission highlighted the need for stronger oversight of digital consumer credit during the Bangko Sentral ng Pilipinas’ Environmental Scanning Exercise. Commissioner Rogelio Quevedo called for activity-based and ecosystem-based supervision, stronger market conduct standards and coordinated regulation as consumer lending reached about PHP 2.7 trillion in March 2026, up more than 20% year on year. Quevedo discussed proposed guidelines that would hold licensed financing and lending companies accountable for activities conducted through online platforms while lifting the moratorium on online lending platforms. He also advocated standardized disclosures for buy-now-pay-later products, fair collection and responsible lending practices, and privacy and cybersecurity safeguards for data use and credit information sharing. The commissioner proposed a formal Digital Finance Coordination Framework involving financial, privacy, competition, anti-money laundering and technology authorities. The framework would support joint supervision, coordinated enforcement, information sharing, cybersecurity cooperation and common risk monitoring.

Original source