SEC shuts down 6 more illegal lending operations

MANILA, Philippines – The Securities and Exchange Commission (SEC) has ordered the shutdown of six more illegal online lending operators which had been cited for abusive debt collection practices.

In an order issued dated Oct. 24, the SEC En Banc issued a cease and desist order against Batis Loan, Happy Credit, Easy Cash, Wahana Credit & Loan Corp., PesoMaMa and Light Kredit effective immediately.

The order extends to the agents, representatives and promoters, the owners of the hosting sites and all persons acting for and on behalf of the online lending operators.

“Considering that these online lending operators are not incorporated entities or have no certificate of authority to operate as lending companies or financing companies, the lending activities and transaction are illegal and must be immediately stopped by this Commission,” the cease and desist order read./gsg