SEC cracks down on FB page posing as licensed lender
The Securities and Exchange Commission (SEC) has ordered the operators of a Facebook (FB) page posing as Cash-Express Philippines Financing Inc. to stop unauthorized financing and lending activities, citing risks to borrowers’ money and personal information.
The cease-and-desist order covers the persons or entities behind “Cash-Express Payday Loan,” along with their representatives, agents and others acting on their behalf.
The registered financing company reported the page to the SEC’s Financing and Lending Companies Department on Sept. 2.
“Cash-Express likewise informed the concerned government agencies that it had preserved the subject page as potential digital evidence and refrained from immediately reporting it for removal pending appropriate law-enforcement guidance,” the SEC said.
According to the SEC, the page carried loan promotions and corporate details that could make borrowers believe they were dealing with the legitimate company.
However, the records showed no certificate of authority allowing the page’s operators to conduct financing or lending activities. There was also no showing that they represented a duly licensed company.
“They possess no demonstrated authority of their own, and they derive none from Cash-Express,” the SEC said.
The order bars unauthorized loan offers, advertisements, solicitations and transactions. It also prohibits the operators from claiming any connection with Cash-Express or using its name, logo, branding and regulatory credentials for lending activities.
The restrictions extend to other digital platforms using the same or a substantially similar identity.
The operators must also stop soliciting or collecting money, fees, personal data, identification documents and account credentials in connection with unauthorized lending.
The SEC warned that borrowers could be induced to disclose confidential information or pay purported processing fees based on the page’s appearance of legitimacy.
“The danger arises at the point of solicitation and representation,” it said.
The commission cited the Financing Company Act of 1998, the Lending Company Regulation Act of 2007 and its consumer-protection rules as grounds for intervention.
It also clarified that lifting the moratorium on online lending platforms under SEC Memorandum Circular No. 20, Series of 2026, did not authorize unlicensed operators to offer loans through digital channels.
