SEC Receives Over 3300 Complaints Against Unregistered Lenders

The Securities and Exchange Commission (SEC) has received 3,315 complaints against unregistered financing and lending entities concerning reports of harassment by debt collectors, a senior official has revealed.

Speaking at a Senate committee hearing, SEC Commissioner Rogelio Quevedo stated that from January to September 15, 2025, the agency received a total of 3,570 complaints involving unfair debt collection practices from unregistered online lenders.

The public lodged the vast majority of these complaints against unregistered financing companies, lending companies, and online lending platforms (OLPs).

Former Legal Counsel Rogelio Quevedo Steps in as New SEC Commissioner
Rogelio Quevedo
“The problem is the unrecorded, unregistered online platforms. These are the lending companies that are not registered with the Securities and Exchange Commission,” Rogelio said.

To address the issue of harassment, Rogelio called for amendments to the SIM Registration Act. He expressed concern that individuals can easily acquire multiple SIM cards, which can then be used to harass debtors.

The commissioner proposed prohibiting a person from owning five or more SIM cards without providing a valid explanation.

“It would be suspicious if a person needs to have more than three or five SIM cards registered under their name,” Rogelio noted.

The issue that the SEC received of harassment from unregistered online lenders has been a recurring problem.

In February, authorities raided an office in Makati City suspected of being a hub for several online lending applications that allegedly harassed their debtors.

Source: Fintech News Philippines