The Philippine Securities and Exchange Commission issued a cease and desist order against Fernando Joquico Santos for operating a lending business without SEC registration and the required certificate of authority. The order directs Santos and anyone acting on his behalf to stop promoting and facilitating lending transactions until they have incorporated and secured the necessary approvals to operate as a lending or financing company. The order also requires the cessation of offering and advertising the lending business through online channels or any other media and the takedown of promotional materials. The case followed a request from the Office of the City Prosecutor of San Juan City to verify the legitimacy of Santos’ lending activities, which allegedly involved public loans ranging from PHP 30,000 to PHP 600,000 since 2018 and the use of agents paid commissions of 2% to 3% per transaction. The SEC cited violations of Republic Act No. 9474, the Lending Company Regulation Act of 2007, and referenced penalties under Section 12 for engaging in lending without authority.
Philippine Securities and Exchange Commission 2025-03-03
Philippine Securities and Exchange Commission orders Fernando Joquico Santos to cease unregistered lending activities and online advertising
The Philippine Securities and Exchange Commission issued a cease and desist order against Fernando Joquico Santos for operating an unregistered lending business without the necessary certificate of authority. The order mandates stopping all lending activities, including online promotions, until proper incorporation and approvals are obtained. This action follows a request from the Office of the City Prosecutor of San Juan City and cites violations of the Lending Company Regulation Act of 2007.