Read this in The Manila Times digital edition.
LAST November 2, the Securities and Exchange Commission (SEC) issued Memorandum Circular 10, Series of 2021, imposing a moratorium on registrations of new online lending platforms (OLPs). Effective immediately, only recorded lending and financing companies with OLPs as of Nov. 2, 2021 can operate. The moratorium also covers the registration of new OLPs by existing lending and financing companies.
The list of registered companies with OLPs pursuant to Memorandum Circular 19, Series of 2019 (MC 19), which provides the Disclosure Requirements on Advertisements of Financing Companies and Lending Companies and Reporting of Online Lending Platforms, is attached to the just-issued circular. The moratorium will remain in effect until formally lifted by the SEC.
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