On Jun. 20, PHI SEC issued order re mandatory company landlines.
PHI SEC issued order requiring mandatory landline numbers/telephone lines for all financing (FC) and lending (LC) companies with online lending platforms/applications.
Document dated Jun. 20, 2025, received from PHI SEC Jun. 23, summarized Jun. 26.
Outline of Order
The order aims to derive optimum advantages from FCs and LCs as additional source of credits and prevent and mitigate practices prejudicial to public interest.
Company name, address must be same as those declared in articles of incorporation for principal address and branches; proof of billing statement for landline/telephone lines must be submitted via E-Fast using verified email within 15 days from this order.
Companies unable to comply with the order must submit an affidavit signed by president stating company has already applied for landline application within 15-day period.
Affidavit must include proof of application, and proof of installation must be submitted within three days from the telephone line installation date; companies transferring offices or making corrections to existing accounts must follow requirements above.
Non-submission or late submission will be penalized; submission of false, inaccurate, misleading, incomplete information/documents deemed non-compliance with order.
Penalties include suspension and/or revocation of certificate of authority to operate.
Effectiveness
Landline/telephone line billing statement submission is due on Jul. 5, 2025.
