The Securities and Exchange Commission (SEC)–Davao has raised a strong warning to the public as complaints involving online lending harassment and advance-fee scams spike anew, especially with the holiday season drawing near.
SEC–Davao Director lawyer Katrina Jamilla Ponco-Estares said her office continues to track a growing number of fraudulent schemes, particularly online platforms offering easy, fast, and unregistered loans.
“Daghan kaayo karon, especially karon Christmas season. Naa pa’y mga scams nga ginamonitor namo more on advance-fee scams. Many of these operators are online platforms,” Estares said during the business forum at NCCC Mall VP’s Probinsya on Friday.
According to Estares, SEC-Davao has received 85 complaints from individuals victimized by online lending apps.
She added that most of these involve excessively high interest rates and aggressive harassment tactics.
“Kasagaran complaints sa harassment—grabe na ang mga text messages nga madawat sa borrowers. What’s worse, the apps often gain access to the borrower’s contacts, so even friends and family receive threatening messages,” she said.
However, she said that despite the volume of complaints, only a few progress into full cases.
“From the 85, once they file a complaint, many do not complete the requirements. They no longer return, so the cases do not move forward,” Estares explained.
Estares stressed that all online lending apps are required to register with the SEC both the company and the digital platform itself.
“Most of them are not registered. Those ads you see on your feeds promising fast loans with minimal requirements those are the ones operating without SEC authorization,” she warned.
She stressed that the lack of registration allows these operators to impose abusive collection methods and predatory interest rates without accountability.
Estares said victims are typically enticed by the promise of instant, hassle-free loans, especially during financially tight periods like the Christmas season.
“People are drawn to them because the process is quick and easy. Pero mao sad na ang peligro because they don’t check if the platform is registered,” she said.
Estares said that SEC is intensifying its information campaign to warn borrowers, reminding them to always verify whether a lending company is legitimate.
“We want to remind the public to be very careful with their borrowings, especially online. Always check if the platform is SEC-registered. That’s why we are doing media rounds to protect the public,” Estares emphasized.
Estares emphasized that the SEC continues to monitor illegal lending activities and urges victims of online harassment, excessive charges, and fraudulent schemes to report immediately.
