The Market Monitor Minding the Nation's Business
The Securities and Exchange Commission (SEC) has imposed a ₱1-million fine on Surity Cash Lending Investors Corporation for engaging in unfair debt collection practices through its mobile lending platform.
In a decision dated September 16, 2025, and approved by the Commission En Banc, the SEC found Surity Cash guilty of three counts of violating SEC Memorandum Circular (MC) No. 18, which prohibits abusive collection behavior.
The circular bars the use of threats, obscenities, or profane language; the disclosure of borrowers’ personal information; and other forms of harassment or intimidation in collecting debts.
The SEC also cited the company for failing to timely submit a sworn certification of compliance with the requirement to establish a customer service department or designate personnel to handle borrower complaints.
“While this Commission is not imposing the penalty of suspension or the supreme penalty of revocation at this time, unfair or abusive debt collection and recovery practices have no place in the lending or financing industry,” the SEC stressed in its ruling.
“These practices will never be considered reasonable and legally permissible means to collect a loan,” it added.