SEC issues cease and desist orders against 6 financing and lending companies

The Securities and Exchange Commission (SEC) has issued cease and desist orders  (CDO) pursuant  to  Republic  Act  No.  11765, otherwise known as the Financial Consumer Products and Services Consumer Protection Act, against the following financing and lending Companies:

a.9F Lending Philippines Incorporated;

b.Elending Lending Inc.;

c.Hovono Lending Corporation;

d.Makati Loan, Inc.;

e.Second Pay Financing Inc.; and

f.Tekwang Lending Corp.

These financing and lending companies failed to comply with the following Memorandum Circulars and Orders:

1. MC No. 03, Series of 2022, which requires the submission of the Impact Evaluation Report on or before January 15 of each year beginning 2023;

2. MC No.28, Series of 2022, which requires the submission of an official e-mail and contact number;

3. MC No. 19, Series of 2019, which requires the disclosure of advertisements and reporting of Online Lending Platforms;

4. Order   dated   07   February   2024, which   requires the   submission   of complaints handling mechanism;

5. Order dated 06 July 2023, which requires registration with the Credit Information Corporation; and

6. Order dated 08 June 2023, which requires the submission of the list of Third-Party Service Providers.


These financing and lending companies, including their owners, operators, promoters, representatives, and agents are directed to immediately cease and desist from engaging in, carrying out, promoting, which includes offering and advertising their lending business through the internet and/or any other media, and facilitating any lending activity or transaction.