SEC stops fraudulent investment, lending firms in Philippines

The Securities and Exchange Commission (SEC) is increasing its efforts to combat fraudulent investment and lending schemes, canceling the registrations of several companies. This action aims to protect investors from deceptive practices. The SEC revoked the corporate registration of Cyfle OPC for soliciting investments without a license, promising a 30% return on a P50,000 minimum investment. Hi-Fin Lending Inc. also had its license canceled for failing to disclose a third-party service provider accused of harassing customers. Additionally, the SEC issued a cease and desist order against Hupan Lending Technology Inc. for operating an unregistered online lending platform, Magic Peso. These actions follow a broader crackdown on companies violating regulations.