The Philippine Securities and Exchange Commission ordered Myloan Lending Investors, Inc. to stop employing humiliating, coercive, or third-party pressure tactics in debt collection and imposed an administrative fine of PHP 50,000 after finding a second violation of the Commission’s rules against unfair debt collection practices. The SEC Financing and Lending Companies Department’s 18 February order held the company administratively liable for breaching SEC Memorandum Circular No. 18 (Series of 2019), in relation to Republic Act No. 11765 (Financial Products and Services Consumer Protection Act) and its implementing rules and regulations as provided under SEC Memorandum Circular No. 5 (Series of 2023). The case arose from a borrower complaint alleging shaming language, threats to contact emergency contacts and employers, and persistent third-party contact; the order warned that further violations may result in heavier penalties, including suspension or revocation of the company’s certificate of authority. The department also directed the borrower to settle outstanding obligations under the loan agreement, without prejudice to any lawful restructuring or settlement arrangement.
Philippine Securities and Exchange Commission 2026-02-23
Philippine Securities and Exchange Commission fines Myloan Lending Investors PHP 50,000 and orders halt to coercive debt collection tactics
The Philippine SEC ordered Myloan Lending Investors, Inc. to stop coercive debt collection tactics and fined PHP 50,000 for a second SEC rules violation. The company breached SEC Memorandum Circular No. 18 (Series of 2019) and related regulations under Republic Act No. 11765. Further violations could lead to severe penalties, including suspension or revocation of the company's certificate of authority.