The Securities and Exchange Commission has fined Fast Coin Lending Corp. P1 million for illegal debt collection tactics and excessive interest charges. The regulator found the firm violated rules on fair collection, interest rate caps, and the Truth in Lending Act following a borrower’s complaint. The borrower said she used Fast Coin’s CashGuard app but ended up with multiple unauthorised loan accounts, and was then harassed, publicly shamed, and had her personal information shared illegally during collection. Investigators also discovered hidden management fees pushed effective interest above the 15 percent monthly limit. The SEC said lending firms must operate fairly and transparently to protect consumers, and these violations showed clear disregard for such rules.
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Corporate
Foodpanda expands financing, digital support for MSMEs
Foodpanda Philippines is deepening its push to help Filipino micro, small, and medium enterprises (MSMEs) grow, rolling out financing, digital marketing, and business development programs designed to help entrepreneurs overcome funding constraints and compete more effectively in the digital economy.
Education, Health & Science
Singapore-backed AC Health expansion to create 10,000 jobs
Singapore-backed private equity firm ABC Impact is doubling down on its investment in Ayala Group's AC Health, with the healthcare expansion expected to create around 10,000 direct jobs across the Philippines by 2027 while accelerating the rollout of hospitals, clinics, and pharmacies nationwide.
Property
Government raises P1B from Makati property sale
The government has raised P1 billion from the sale of state-owned condominium units and parking slots in Makati, giving a fresh boost to its privatization program as it looks to unlock more value from idle assets and generate additional non-tax revenues.
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