The Philippine Securities and Exchange Commission issued a cease and desist order against Magic Peso for illegally operating an online lending platform and for alleged unfair debt collection practices. In an order dated June 24, the SEC Financial and Lending Companies Department directed Magic Peso and its owners, operators, promoters, representatives, agents, and any person acting on its behalf to immediately stop engaging in, carrying out, promoting, and facilitating any lending activity. The action followed reports and complaints from borrowers, and the SEC noted that Magic Peso is not among the online lending platforms recorded in the Commission’s records, which it said breaches SEC Memorandum Circular No. 19, Series of 2019 on required platform disclosures and violates SEC Memorandum Circular No. 10, Series of 2021 imposing a moratorium on new online lending platforms effective November 2, 2021.
Philippine Securities and Exchange Commission 2025-06-30
Philippine Securities and Exchange Commission orders Magic Peso to halt unregistered online lending and unfair debt collection practices
The Philippine Securities and Exchange Commission issued a cease and desist order against Magic Peso for operating an unregistered online lending platform and engaging in unfair debt collection practices. The SEC's action, dated June 24, mandates Magic Peso and its affiliates to halt all lending activities, citing violations of SEC Memorandum Circulars No. 19, Series of 2019, and No. 10, Series of 2021.