Philippine Securities and Exchange Commission launches SEC FLARE for branch and online lending platform disclosures

The Philippine Securities and Exchange Commission (SEC) has launched the Financing and Lending Administration and Regulatory Ecosystem (SEC FLARE) as the centralized registry and exclusive electronic filing facility for financing and lending companies to disclose and record new branches, operational locations and online lending platforms (OLPs). The public can also use the portal to verify branches and OLPs. The launch follows business plan rules requiring OLP recording before submission of original plans involving those platforms or approval of amendments involving their loan products or pricing parameters. Successful branch disclosures are recorded immediately without prior evaluation or approval. OLP disclosures remain subject to SEC evaluation and are considered recorded only upon issuance of a confirmation letter, which starts the lock-in period of 60 months. Companies no longer need to amend their articles of incorporation solely to register a proposed OLP name before disclosure. Names instead undergo electronic validation and reservation within SEC FLARE, with an appeal mechanism for unsuccessful checks. Companies operating OLPs recorded before the 2021 moratorium but not disclosed through iMessage must review their SEC FLARE records by Feb. 1, 2027, and may request additions or corrections through iMessage. Failure to comply bars future disclosure of the OLP or name and subjects the company to administrative penalties. For these existing platforms, the lock-in period begins upon receipt of email confirmation approving the disclosure. Previously confirmed OLPs and complete applications pending through iMessage before its suspension require no duplicate filing. Changes to existing OLP information, branch closures, address transfers and other branch data modifications remain on iMessage rather than SEC FLARE.