The Securities and Exchange Commission (SEC) has directed Digido Finance Corp. to permanently stop its financing operations after finding that the company continued operating despite the revocation of its corporate registration and financing license last year.
In an order dated Feb. 18, the SEC’s Financing and Lending Companies Department (FLCD) said Digido violated provisions of Republic Act No. 8556, also known as the Financing Company Act.
The agency found Digido administratively liable for violating Section 12(b)(1) and (2), and Section 14 of the law’s implementing rules and regulations. These provisions prohibit an entity from operating as a financing company without a valid certificate of authority and certificate of incorporation. They also penalize failure to comply with lawful orders from the Commission.
The SEC ordered Digido to pay a total administrative fine of ₱600,000. The amount includes ₱100,000 each against the company and five of its officers: president Aleksei P. Kosenko, corporate secretary Juan B. Solomon Jr., independent director Leonardo G. Serrano Jr., treasurer Aries C. Felipe, and compliance officer Leo Cezar G. Caballes.
“Each post-revocation loan transaction constitutes a discrete and independent act of engaging the business of a financing company without authority. The statutory violation is not theoretical; it attaches to every extension of credit made after revocation,” the order read.
The case followed an investigation by the FLCD, which found that Digido continued its financing activities even after the SEC revoked its certificate of incorporation and certificate of authority on May 9, 2025.
Digido argued that the revocation order was not yet final because it could still be appealed. However, the FLCD said revocation orders are immediately executory under the 2016 SEC Rules of Procedure.
The investigation found that Digido kept processing loan applications, approving loans, releasing funds to borrowers, and issuing disclosure statements and promissory notes.
The FLCD also said Digido continued to collect loan payments through Fingertip Finance Corp., a subsidiary of Singapore-based Robocash Pte. Ltd..
“The continuation of collection operations through Fingertip is particularly telling. Collection and servicing are not ministerial remnants of past activity when they are executed through structured payment channels, borrower communications, and organized remittance instructions,” the order read.
The SEC added that they are integral incidents of financing operations. By directing borrowers to remit payments through Fingertip after revocation, Digido sustained the operational core of its financing business despite the Commission’s withdrawal of authority.