In cease-and-desist orders dated August 15, the SEC’s Financing and Lending Companies Department directed 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 to immediately stop lending activities and promotional campaigns.
The crackdown extends to the companies’ owners, operators, agents, and representatives, effectively halting all business tied to these platforms.
Regulators said the apps violated SEC Memorandum Circular No. 19, Series of 2019, which mandates full disclosure of OLPs, and breached a moratorium on new registrations imposed in November 2021.
The action is backed by Republic Act No. 11765, the Financial Products and Services Consumer Protection Act, which allows the SEC to sanction financial service providers for regulatory violations.
The SEC said these firms were bypassing oversight mechanisms, raising risks of unfair lending practices, excessive interest rates, and data privacy breaches.
—Edited by Miguel R. Camus
