ARTICLE · 28 MAY 2026

SEC Releases New Draft Circular On Online Lending Platforms

SyCip Salazar Hernandez & Gatmaitan

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SyCip Salazar Hernandez & Gatmaitan

SyCip Salazar Hernandez & Gatmaitan (SyCipLaw) is one of the largest law firms in the Philippines...

The Securities and Exchange Commission has released a draft memorandum circular proposing to lift the moratorium on new online lending platform registrations while establishing a comprehensive regulatory framework for digital lending operations. The proposed guidelines introduce stringent prudential, disclosure, and market conduct requirements that will reshape how financing and lending companies operate in the digital space.

PhilippinesCorporate/Commercial Law

Camille Angela M. Espeleta-Castillo

Leo Francis F. Abot

On 11 March 2026, the Securities and Exchange Commission (SEC) released for public comment its draft memorandum circular entitled “Guidelines Lifting the Moratorium on Online Lending Platforms and Prescribing Prudential, Disclosure, and Market Conduct Requirements for Financing and Lending Companies” (Draft Circular).

The Draft Circular proposes to lift the moratorium imposed under SEC Memorandum Circular No. 10, Series of 2021 on the registration of new online lending platforms (OLPs), while introducing a more comprehensive and stringent regulatory framework governing digital lending.

Lifting the Moratorium on OLPs

In 2021, the SEC imposed a moratorium on OLPs following complaints relating to collection practices, data privacy violations, and lack of transparency. The Draft Circular, if issued will lift this restriction and allow financing companies (FCs) and lending companies (LCs) to operate new OLPs.

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SEC Releases New Draft Circular On Online Lending Platforms

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