The Securities and Exchange Commission (SEC) lifts a nearly five-year ban on the registration of new online lending platforms (OLPs) in the Philippines. In Memorandum Circular (MC) No. 20, series of 2026, the SEC replaces MC No. 10, series of 2021, which had imposed a moratorium on new OLP registrations. The SEC’s new regulatory framework allows additional online lending companies to register under specified conditions aimed at strengthening oversight and consumer protection. The circular sets out disclosure requirements and market conduct rules that financing and lending companies must follow, reflecting the SEC’s stated focus on responsible innovation and financial inclusion alongside supervision of digital lending activities. One reported change is an increase in capital requirements intended to improve safeguards for borrowers and ensure that platforms meet defined financial standards before operating. The SEC’s move centers on resuming entry of new OLPs under tighter regulation, rather than continuing the prior pause on new registrations.