Iloilo: The Securities and Exchange Commission (SEC) has issued a warning to online lending borrowers, urging them to verify the registration of online lending platforms to protect themselves from scams. This announcement was made during a press conference held alongside the Investor Protection Week forum.
According to Philippines News Agency, SEC Iloilo Extension Office Securities Specialist II Samantha Drilon emphasized the agency's efforts to combat fraudulent activities by publishing a list of unregistered online lending platforms. This initiative is intended to alert the public and prevent engagement with these potentially deceptive entities. Drilon pointed out that many victims fall prey to impersonation scams, where unregistered lending firms pose as legitimate ones, exploiting the trust of unsuspecting borrowers.
Drilon highlighted the SEC's ongoing information campaigns designed to educate the public on the risks associated with online lenders and scammers. She explained that if a complaint involves a legitimate or registered lending and financing company, the SEC has the authority to penalize them for non-compliance with established regulations. For other cases, the SEC collaborates with the Philippine National Police and the National Bureau of Investigation to address fraudulent activities. Complaints were reported from a wide range of victims, including teachers, police officers, and overseas Filipino workers, underscoring the universal vulnerability to scams without adequate information.
Additionally, SEC Iloilo Extension Office Director II Ma. Cristina Montelibano revealed a collaboration with the Department of Education to host a forum as part of the Investor Protection Week. The forum aims to leverage the influential role of teachers in society by promoting financial literacy and responsible borrowing practices among educators. Montelibano acknowledged that Filipino teachers often face financial challenges and resort to borrowing. She stressed the importance of addressing the root causes of over-indebtedness and enhancing financial literacy to ensure educators' personal well-being.
The forum covered a variety of topics, including legitimate lending and investment options, financial management, responsible debt handling, digital behavior, SIM-related scam prevention, cyber hygiene, online account protection, and the identification and reporting of online financial scams and cyber harassment.
