THE Securities and Exchange Commission-Davao Extension Office (SEC-Davao) encouraged individuals who have fallen victim to harassment or abusive collection practices by Online Lending Platforms (OLPs) to file complaints.
Atty. Katrina Jamilla Ponco-Estares, director of SEC-Davao, said that from January to May 2026, their office received approximately 25 complaints involving OLPs. She noted that while the complaints were received by their Davao City office, they covered cases from across the region.
Most of the complaints involved harassment by OLPs.
However, she pointed out that the number is significantly lower than the 75 complaints they received from January to June 2025.
Estares said that most OLPs are not registered with the SEC. She emphasized that both the lending firm and the OLP itself are required to be registered.
She said that if an OLP firm is registered with the SEC, the commission can easily summon the entity and impose administrative sanctions.
“Pero kung hindi kasi registered sa amin medyo malaking problema yun kasi ang dami pang dadaanan na channels bago pa ma-pinpoint kung sino ba talaga ang nagpapatakbo niyan dito sa Pilipinas o outside sa Pilipinas,” she said during the Kapihan sa PIA on June 4, 2026, at NCC Mall Maa.
(But if it is not registered with us, that is a major problem because it still has to go through many channels before we can pinpoint who is actually operating it, whether here in the Philippines or outside the Philippines.)
She said that individuals who have complaints against registered OLPs should file a formal complaint. Meanwhile, those with complaints against unregistered OLPs should submit formal complaints along with supporting evidence.
The office will then proceed with identifying the unregistered OLPs, after which it will conduct further verification, including checking their social media presence.
Estares said they also instruct their lawyers and investigators to prepare reports even without a formal complainant and submit these to the SEC head office so that complaints can be consolidated and cases against unregistered OLPs can be strengthened.
Estares reminded the public to exercise caution when dealing with OLPs and to verify first whether a platform is registered with the SEC.
If it is not registered, she advised the public to refrain from availing themselves of its services.
She said that those who wish to file complaints against OLPs may do so through the SEC iMessage Portal or by visiting the SEC-Davao office.
The SEC national office issued an advisory on May 8, 2026, warning the public against OLPs that are not authorized to offer, process, or grant loans. The advisory was issued pursuant to SEC Memorandum Circular No. 10, Series of 2021, which imposed a moratorium on the registration of OLPs beginning November 2, 2021.
The SEC identified several unauthorized OLPs operating through the Google Play Store, Apple App Store, fake websites, copycat platforms, and fake Facebook pages. RGP
