The Securities and Exchange Commission (SEC) has slapped Surity Cash Lending Investors Corporation, which offers personal loan through its mobile application, with a PHP1-million penalty for unfair debt collection practices
The SEC, in a press release Wednesday, said the penalty was approved by its Commission En Banc, in a decision dated Sept. 16, 2025, after the lending firm committed three counts of violation of SEC Memorandum Circular (MC) 18 that prohibits unfair debt collection.
The said MC, it said, “prohibits the use threat of violence to or criminal means to harm a person, reputation or property, use of obscenities, insults or profane language, and disclosing the names and personal information of borrowers who refuse to pay debts, among others, in debt collection.”
The SEC said Surity Cash also violated Sec. 4 of the said MC, for the “late submission of a sworn certification stating the company’s compliance with the requirement to establish a customer service department or designation of a personnel to cater to borrowers’ complaints and concerns.”
“While this Commission is not imposing the penalty of suspension or the supreme penalty of revocation (of the company’s corporation registration) at this time, unfair or abusive debt collection and recovery practices have no place in the lending/financing industry. These practices will never be considered reasonable and legally permissible means to collect a loan,” the decision read. (With a report from Joann Villanueva/PNA)
