The Philippine Securities and Exchange Commission issued a cease and desist order against Bravo Zulo Romeo Lending Corporation, directing the company and its owners, operators, promoters, representatives and agents to immediately stop facilitating any lending activity or transaction after finding it was operating an unauthorized lending business. The order, promulgated on June 24 by the SEC Financing and Lending Companies Department, followed borrower complaints alleging abusive collection practices connected to the online lending platform Magic Peso. The SEC’s investigation found that Magic Peso is owned and operated by Bravo Zulo Romeo Lending; while the firm is registered with the SEC as a lending company, it failed to file the required disclosure for any online lending platform, constituting a violation of SEC Memorandum Circular No. 19, Series of 2019 on disclosure and reporting requirements for financing and lending companies using online lending platforms.

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