The Philippine Securities and Exchange Commission issued cease and desist orders against seven companies for operating online lending platforms that are unregistered with the Commission. The orders bar the firms from promoting or facilitating lending-related transactions without the necessary SEC registration and approval. The separate orders, dated August 15 and issued through the SEC Financing and Lending Companies Department, cover Cash Konek, Pesosuki, Yescom Lending-Quick Cash Loan, Peso101-Fast Loans PH, Peso Cow-Mabilis Pera Loan, Swiftloan: Loan App Philippines, and Pera Loan: Fast Cash PH, and extend to their owners, operators, promoters, representatives, agents, and others acting on their behalf. The SEC cited violations of SEC Memorandum Circular No. 19 (Series of 2019) on disclosure of online lending platforms and the moratorium on registering new online lending platforms imposed on November 5, 2021 under SEC Memorandum Circular No. 10 (Series of 2021), and referenced Republic Act No. 11765 as its authority to impose enforcement actions such as cease and desist orders.
Philippine Securities and Exchange Commission 2025-08-25
Philippine Securities and Exchange Commission issues cease and desist orders against seven unregistered online lending platform operators
The Philippine Securities and Exchange Commission issued cease and desist orders against seven companies for operating unregistered online lending platforms. The orders prohibit these firms and their affiliates from engaging in lending activities without SEC registration, citing violations of SEC Memorandum Circulars and Republic Act No. 11765.