The Philippine Securities and Exchange Commission has cancelled the lending licence of Surity Cash Lending Investors Corp., doing business as Surity Cash, and revoked its corporate registration after finding violations of the prohibition on unfair debt collection practices. The measure targets Surity Cash’s operation of an online lending platform under the same name. In an Order dated 14 January 2025, the SEC Financing and Lending Companies Department found breaches of SEC Memorandum Circular No. 18, Series of 2019, and revoked both Surity Cash’s Certificate of Authority to operate as a lending company and its primary registration. The case followed five formal complaints alleging abusive collection practices, with the circular prohibiting conduct including threats or use of violence, the use of obscenities or insults, and disclosure or publication of borrowers’ names, among others; the order became final and executory after Surity Cash did not file an appeal or motion for reconsideration within the prescribed period.
Philippine Securities and Exchange Commission 2025-02-28
Philippine Securities and Exchange Commission revokes Surity Cash lending licence and corporate registration over unfair debt collection practices
The Philippine Securities and Exchange Commission has cancelled the lending licence and revoked the corporate registration of Surity Cash Lending Investors Corp. for violating unfair debt collection practices. The SEC found breaches of Memorandum Circular No. 18, Series of 2019, following complaints of abusive practices, including threats and public disclosure of borrowers' names. The order became final after Surity Cash did not appeal.