Jauhn Etienne Villaruel

Logo of the Securities and Exchange Commission (SEC) in this photo taken on June 22, 2023. Jonathan Cellona, ABS-CBN News

Article (news)

Benise Balaoing

ABS-CBN News

<div><span class="fr-img-caption fr-fic fr-dib" style="width:960px"><span class="fr-img-wrap"><img src="https://od2-image-api.abs-cbn.com/prod/editorImage/1760598142058cropped-Screen Shot 2025-10-16 at 3.00.36 PM.png" style="width:960px" class="fr-fic fr-dib"/><span class="fr-inner" style="text-align:left">Logo of the Securities and Exchange Commission (SEC) in this photo taken on June 22, 2023. Jonathan Cellona, ABS-CBN News</span></span></span></div><p>MANILA — The Securities and Exchange Commission (SEC) has issued a cease and desist order against the operator of online lending platforms Credit Cash and Credit Peso over unfair debt collection practices.</p><div><a href="https://www.abs-cbn.com/business/06/13/23/senate-probe-sought-vs-online-lenders-with-abusive-practices">Senate probe sought vs online lenders with &#x27;abusive practices&#x27;</a></div><p>In a statement, the SEC said it ordered Microdot Lending Corporation to stop promoting and conducting any lending transactions.</p><p>Aside from Credit Cash and Credit Peso, the SEC order also covers Microdot&#x27;s online lending apps MF Cash, Pesoloan Mart, Cash Baka, Cash Mabilis, Go Peso, Instant Loan, and Timely Loan.</p><p>The SEC said it has been receiving multiple complaints against the company since 2024 for its alleged involvement in unfair debt collection practices.</p><div><a href="https://www.abs-cbn.com/business/06/09/23/lending-app-that-sent-caskets-to-debtors-may-be-sued">&#x27;Lending app that sent caskets to debtors may be sued&#x27;</a></div><p>The securities regulator said the company&#x27;s use of unfair debt collection practices &quot;should be immediately halted to safeguard the rights of its borrowers.&quot;</p><p>The SEC further noted that Microdot also did not disclose the operations of Credit Peso Pro and MF Cash.</p><p>The SEC said this violates Section 3 of its Memorandum Circular No. 19, Series of 2019, which requires financing and lending firms to submit a report of all their existing online lending platforms to the Commission.</p><p>Microdot also allegedly did not comply with SEC orders, such as the issuance of show cause letters, assessment letter, and walkthrough audit findings.</p><p>“[Microdot’s] operation of the undisclosed OLPs, blatant disregard of the SEC’s regulatory authority over it, and practice of unfair debt collection, may unjustly cause grave or irreparable injury or prejudice to the borrowing public,” the order read.</p><div><br/></div><div><strong>CRACKDOWN</strong></div><div><br/></div><p>The SEC has been cracking down on online lending apps. </p><p>In May, it revoked the corporate registration and financing license of <a href="https://www.abs-cbn.com/news/business/2025/5/23/sec-revokes-registration-license-of-digido-1811" rel="noopener noreferrer" target="_blank">Digido</a> after it opened and operated four branches without obtaining a certificate of authority.</p><p>In the same month, it issued a cease and desist order against the operator of <a href="https://www.abs-cbn.com/news/business/2025/5/26/sec-penalizes-pesowallet-magic-peso-operators-1516" rel="noopener noreferrer" target="_blank">MagicPeso</a> over abusive collection practices. It also filed criminal complaints against the operator of online lending app <a href="https://www.abs-cbn.com/news/business/2025/7/25/sec-files-criminal-raps-vs-easypeso-operator-1507" rel="noopener noreferrer" target="_blank">Easypeso</a> for abusive collection practices.</p><p>The Presidential Anti-Organized Crime Commission has monitored some <a href="https://www.abs-cbn.com/news/technology/2025/8/21/paocc-warns-filipinos-vs-illegal-abusive-online-lending-apps-1708" rel="noopener noreferrer" target="_blank">300</a><a href="https://www.abs-cbn.com/news/technology/2025/8/21/paocc-warns-filipinos-vs-illegal-abusive-online-lending-apps-1708" rel="noopener noreferrer" target="_blank"> </a>online lending apps, many of which are bogus. Some bogus lenders even go so far as to issue <a href="https://www.abs-cbn.com/news/technology/2025/8/29/hooked-on-lending-thousands-of-pinoys-face-rape-threats-harassment-from-bogus-lenders-1334" rel="noopener noreferrer" target="_blank">rape or death threats</a> to borrowers so they would pay up.</p><p>Authorities, however, are facing a blank wall in going after abusive lending apps since the companies simply discard these preregistered SIM cards after promoting their services or threatening their borrowers.</p><div><br/></div><div><strong>RELATED VIDEO</strong></div><div><br/></div><div><span class="fr-video fr-deletable fr-fvc fr-dvb fr-draggable" contenteditable="false" draggable="true"><iframe width="640" height="360" src="https://www.youtube.com/embed/QSBa4s2EBvM?&amp;wmode=opaque&amp;rel=0" frameBorder="0" allowfullscreen="" class="fr-draggable"></iframe></span><br/></div>

<p>In a statement, the SEC said it ordered Microdot Lending Corporation to stop promoting and conducting any lending transactions.</p>

In a statement, the SEC said it ordered Microdot Lending Corporation to stop promoting and conducting any lending transactions.

SEC cracks down on Credit Cash, Credit Peso operator over 'unfair' collection practices

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SEC cracks down on Credit Cash, Credit Peso operator over 'unfair' collection practices

Benise Balaoing,

ABS-CBN News

Published Oct 16, 2025 03:06 PM PHT

Read More:

SEC

cease and desist order

online lending

online lending apps

credit cash

credit peso

Pesoloan Mart

Cash Mabilis

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