DAVAO CITY (MindaNews / 22 November) – The Securities and Exchange Commission (SEC)-Davao has cautioned the public against using online lending platforms, applications, and websites following complaints of harassment from borrowers. Atty. Katrina Ponco-Estares, SEC-Davao director, revealed during the “Business Forum at NCCC” on Friday that her office had received 85 complaints as of November 21, with issues ranging from harassment, including death threats, to exorbitant interest rates. She emphasized that many of these platforms, often advertised on social media, are not registered with the SEC. The agency mandates that all lending and financing businesses, including online platforms, secure registrations and secondary licenses before legally operating. Estares noted that borrowers, lured by the quick and minimal requirements of these services, often face repercussions as their personal information and contact lists are exploited, leading to widespread harassment. Despite many complaints not escalating to formal cases, the SEC continues to investigate and issue advisories to warn against unregistered platforms. The public is urged to verify the legitimacy of lending services through the SEC website. In an October 23 advisory, the SEC listed unauthorized platforms on Google Play Store and Apple App Store, as well as web-based platforms like Andali Cash, Cashcano, and Metacash, in compliance with a moratorium on new online lending platforms effective November 2, 2021. (Antonio L. Colina IV/MindaNews)
