Lending firm Digido Finance Corp. said it is appealing an order by the Securities and Exchange Commission (SEC) to revoke its license for allegedly operating branches without any clearance from the industry regulator.
“Digido Finance Corp. categorically denies having opened or operated four branches without obtaining the necessary certificate of authority from the Securities and Exchange Commission,” the company said in a statement sent to this paper over the weekend.
In a separate statement on Friday, the SEC said it is cancelling Digido’s license as a financing company and its articles of incorporation because of the violation.
“The order from the SEC’s Financing and Lending Companies Department (FinLenD) dated May 9, 2025, following careful review, anchored its decision on Digido’s temporary setup of four exhibit booths in 2021,” the company said.
“However, the company was able to factually establish to the Commission that exhibit booths were only set up for marketing purposes–not a form of any permanent office or place of business,” it said.
“While we respect and share FinLenD’s inherent thrust to promptly regulate financing and lending companies in the Philippines, the company respectfully views this order as a deviation from earlier established facts,” it added.
Digido operates the online lending platforms UnaPay and UnaCash.
It has since coordinated with the SEC’s FinLenD regarding the matter and have filed a motion for reconsideration to undo the SEC decision.
The SEC decision singled out Digido’s supposed branches in Bacoor, Kawit, Dasmarinas and Gen. Trias, all in Cavite Province.
FinLenD also took screenshots of Digido’s social media post about its Kawit, Cavite branch, announcing its opening hours from 8 am to 5 pm and its lending product of up to P10,000 within 10 minutes.
FinLenD declined to accept Digido’s argument that these were merely temporary exhibit booths to introduce Digido’s the new lending platform, and were set up for one month.
The SEC’s FinLenD argued that the implementing rules and regulation of the Financing Company Act of 1998 (RA8556) require companies to secure a certificate of authority before establishing or operating an agency, extension office, or unit.
Thus, the SEC policy requires all financing companies to obtain a valid certificate of authority for any branch, agency, extension office, or unit.
