SEC Proposes Stricter Measures to Combat Online Lender Harassment
SEC Commissioner Rogelio Quevedo has proposed stricter measures to combat harassment by unregistered online lenders. The SEC has received a substantial number of complaints, with 3,570 reported from January to September 15, 2025 alone. Quevedo has called for amendments to the SIM Registration Act and suggested involving the Department of Justice (DOJ) to tackle the issue.
The SEC has been grappling with a recurring problem of harassment by unregistered online lenders. In February, authorities raided an office in Makati City suspected of being a hub for such activities. Quevedo proposed prohibiting a person from owning five or more SIM cards without a valid explanation, aiming to curb the use of multiple SIM cards for harassment purposes.
The SEC has received 3,315 complaints against unregistered financing and lending entities concerning reports of harassment by debt collectors. The majority of these complaints were lodged against unregistered financing companies, lending companies, and online lending platforms (OLPs). Quevedo believes that involving the DOJ could help address the legal and enforcement limitations faced by the SEC in handling this issue.
Quevedo's proposals aim to strengthen the fight against harassment by unregistered online lenders. If implemented, these measures could potentially reduce the number of complaints and improve the overall situation. The SEC continues to urge the public to be cautious when dealing with unregistered lending entities.
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