SEC to launch unified lending ID system to boost credit access and fight predatory lending

The Securities and Exchange Commission (SEC) is planning to develop a Unified Lending Identification (ULI) system to improve credit access for Filipinos and combat predatory lending.

SEC Commissioner Rogelio V. Quevedo stated that the ULI aims to provide easier access to credit facilities by utilizing authenticated data, especially since the national ID system is still not reliable.

This initiative is part of the SEC's broader strategy to address issues related to debt collection harassment.

From January to September 15, 2025, the SEC handled 5,415 public complaints involving financing and lending companies, with 3,570 of these (66%) concerning unfair debt collection practices or harassment.

Of the debt collection complaints, 3,315 were filed against unregistered financing companies, lending companies, and online lending platforms (OLPs), while 435 targeted unregistered entities or unrecorded OLPs.

Quevedo highlighted that unregistered online platforms are a key concern that should be addressed by law enforcement agencies, as these are the institutions frequently cited in complaints.