The Securities and Exchange Commission (SEC) and GCash’s lending arm Fuse have launched a nationwide campaign to promote safe and responsible digital borrowing.
The campaign aims to protect Filipinos from predatory lending practices, strengthen financial literacy, and encourage the use of regulated digital credit options.
It comes at a time when digital borrowing adoption is rising rapidly, but risks of fraud and abusive lending remain high.
The partnership between the SEC and Fuse Financing Inc. represents a coordinated effort to embed consumer protection into the digital credit ecosystem.
Fuse Financing Inc., GCash’s lending subsidiary, provides microloans and credit products directly through the GCash app. With tens of millions of active users, GCash has become a gateway for Filipinos to access credit without the traditional barriers of banking.
By working with the SEC, Fuse ensures that its offerings are not only accessible but also compliant with regulatory standards.
The campaign features SEC-approved educational videos and materials designed to help Filipinos recognize unlicensed lenders, understand repayment obligations, and avoid financial distress. Together, they aim to normalize borrowing as a responsible financial tool rather than a risky last resort.
Helping Filipinos Make Sound Financial Decisions
The rise of digital lending platforms has created new opportunities for financial inclusion, but it has also exposed consumers to risks.
The demand for quick, accessible credit has surged in the country.
Many Filipinos, especially those excluded from traditional banking, turn to online lenders for quick cash to cover emergencies, daily expenses, or small business needs.
Unfortunately, unlicensed operators often impose exorbitant interest rates, hidden charges, and aggressive collection practices, leaving borrowers trapped in cycles of debt.
The SEC has issued multiple advisories warning against these illegal lenders, stressing that borrowing should only be done through registered and regulated entities.
At its core, the campaign seeks to dismantle the stigma around borrowing and replace it with a culture of responsibility.
Borrowing is not inherently negative; it becomes problematic when done through unsafe channels or without understanding repayment obligations.
The SEC–Fuse initiative emphasizes transparency, ensuring borrowers know the true cost of loans, their repayment schedules, and their rights under Philippine law.
It also aims to reduce reliance on informal lenders. By promoting regulated digital credit options, the campaign encourages Filipinos to borrow in ways that build financial resilience rather than erode it.
The ‘Quick Cash’ Resort in the Philippines
Digital borrowing has grown exponentially.
According to Bangko Sentral ng Pilipinas’ 2021 Financial Inclusion Survey, 53% of Filipino adults remained unbanked, yet mobile wallet penetration surged past 60 million users by 2025.
Platforms like GCash and Maya introduced microloans and buy-now-pay-later services, with adoption particularly strong among younger demographics and small entrepreneurs.
While digital borrowing expands access, it also attracts illegal operators. The SEC–Fuse campaign is therefore timely, ensuring that adoption is accompanied by safeguards.
Borrowers benefit by gaining access to safe, regulated credit that can help them manage emergencies, invest in livelihoods, or smooth consumption. They are empowered with knowledge, enabling them to make informed financial decisions.
The campaign also reduces the prevalence of predatory lending, contributing to broader financial stability.
For the economy, responsible borrowing translates into healthier credit markets, reduced default rates, and stronger consumer confidence. For individuals, it means borrowing becomes a tool for empowerment rather than a source of distress.
Recent Warnings and Advisories Against Online Lending
The SEC has repeatedly flagged illegal online lending apps in the Philippines, issuing advisories against dozens of platforms operating without authorization. These warnings raise awareness on the risks of predatory lending, abusive collection practices, and data privacy violations.
In October 2025, the SEC issued a public advisory identifying 19 unauthorized online lending platforms operating through the Google Play Store, Apple App Store, and independent websites.
Apps such as PeraGo, LoanTayo, SeaCash, ZRT Credit, Bingo Peso, Peso Maya, Cash Muna, GZ Lend, Valor Credit, Dolo Loan, Maxi Lending, Sky Loan, VIP Loan, AssetCred, PeraOne, and Easy Loan were flagged for operating without SEC approval. Websites like Andali Cash, Cashcano, and Metacash were also included in the list.
The SEC emphasized that these platforms failed to comply with Memorandum Circular No. 10, Series of 2021, which imposed a moratorium on new online lending platforms, and warned borrowers that transacting with unregistered lenders exposes them to financial and data privacy risks.
Earlier in 2025, legal experts noted that the explosive growth of online lending apps had generated unprecedented complaints about usurious charges, abusive collection practices, and data harvesting.
The SEC clarified that lending companies must secure a Certificate of Authority under the Lending Company Regulation Act of 2007 (R.A. 9474) and comply with rules prohibiting unfair collection practices.
The regulator also reminded the public that legitimate lenders must display their corporate name, SEC registration number, and certificate of authority on their platforms.
In February 2026, the SEC released an updated list of registered online lending platforms, reinforcing its commitment to transparency. This directory serves as a critical reference for borrowers, ensuring they transact only with authorized entities.
The SEC reiterated that the moratorium on new online lending platforms remains in effect, meaning only those recorded in its official list are legally permitted to operate.
SEC and BSP: PH Safeguards Against Illegal Borrowing Platforms
Borrowers are strongly advised to check the SEC’s website before engaging with any mobile lending app or website.
The SEC’s role is to regulate lending companies, enforce compliance, and protect consumers from abusive practices. It ensures that lenders are registered, transparent, and accountable.
The BSP complements this by overseeing financial institutions, promoting financial inclusion, and ensuring systemic stability. Together, they form the backbone of the Philippines’ financial regulatory framework, balancing innovation with protection.
In the context of digital borrowing, the SEC ensures that platforms like Fuse operate within the law, while the BSP ensures that the broader ecosystem supports inclusion and resilience.
Financially Literate Filipinos – The Bigger Picture
Financial literacy is central to responsible borrowing.
Filipinos are encouraged to borrow only from SEC-registered lenders, understand repayment terms before committing, avoid borrowing beyond their capacity to repay, and use digital tools to monitor expenses and savings. Staying informed through SEC advisories and educational materials is also critical.
By cultivating these habits, Filipinos can harness digital borrowing responsibly, turning credit into a tool for empowerment rather than a source of distress.
Financial literacy transforms borrowing from a reactive measure into a proactive strategy for growth; emphasizing the importance of accessible, low-cost financial tools.
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