Online Lending (Multiple Apps) in Baguio, Cordillera Administrative Region

The SEC's Financing and Lending Companies Department issued separate orders dated 15 August 2025 directing seven online lending platforms to immediately stop lending activities and promotional campaigns: 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. The SEC cited violations of Memorandum Circular No. 19, Series of 2019, requiring full disclosure of OLPs, and the moratorium on new OLP registrations imposed in November 2021. The SEC said the operations exposed the public to abusive collection practices, unjust interest rates, and data-privacy risks.

Al Jazeera published a long-form investigation reporting that the SEC has issued licenses for 140 digital lending companies in the Philippines and that fewer than 40 platforms have had their licenses revoked for unfair debt-collection practices. The article documents borrower accounts of deception, threats, and contact-list weaponization. GMA News separately reported that the Cybercrime Investigation and Coordinating Center (CICC) received 599 harassment reports against online lending platforms since January 2026 and launched a 'Fast Cash: Mag-Ingat sa Scam' campaign with hotline 1326.

The National Privacy Commission issued a decision in NPC SS-21-008 against Populus Lending Corporation, operator of the Pesopop online lending application. Pesopop was one of the four apps subject to the NPC's earlier 2021 takedown order. The full disposition is contained in the linked NPC PDF.

In G.R. No. 258526 (Manila Credit Corporation v. Spouses Ramon and Anita Viroomal), the Supreme Court Second Division denied the lender's petition and affirmed the Court of Appeals' ruling that the 3% per month / 36% per annum effective interest rate imposed on the borrowers was void for being patently exorbitant and unconscionable. The Court held that 'while there is no numerical limit on conscionability, the rate of 3% per month or 36% per annum is three times more than the 12% legal interest rate, and therefore excessive and unconscionable.' The Court also held that 'the willingness of the debtor in assuming an unconscionable rate of interest is inconsequential to its validity.' The decision is widely cited in subsequent cases against high-rate lenders.

The Securities and Exchange Commission issued Memorandum Circular No. 3, Series of 2022, implementing BSP Circular No. 1133 ceilings on interest rates and other fees charged by lending companies, financing companies and their online lending platforms. The Circular took effect 3 March 2022 and applies to unsecured general-purpose loans up to ₱10,000.00 and tenors up to four months entered into, restructured, or renewed beginning that date. It prescribes a 6% per month nominal interest rate ceiling, a 15% per month effective interest rate ceiling, a 5% per month penalty cap on outstanding scheduled amounts, and a 100% total cost cap on the amount borrowed.