Key Responsibilities
- Regulatory Compliance (Primary Focus)
- Ensure the company's operations as a lending/financing company comply with all applicable laws, including:
- Republic Act No. 9474 (Lending Company Regulation Act of 2007) and its Implementing Rules and Regulations (IRR)
- Republic Act No. 8556 (Financing Company Act) as amended
- Republic Act No. 3765 (Truth in Lending Act)
- Republic Act No. 7394 (Consumer Act of the Philippines)
- Republic Act No. 11765 (Financial Products and Services Consumer Protection Act / FCPA)
- Republic Act No. 10173 (Data Privacy Act of 2012)
- Republic Act No. 9160 (Anti-Money Laundering Act, as amended)
- Manage ongoing compliance with Securities and Exchange Commission (SEC) requirements, including:
- Maintenance of Certificate of Authority (CA) to operate as a lending/financing company
- Submission of quarterly, annual and other periodic reportorial requirements (GIS, AFS, Q-Lending)
- Registration and maintenance of all Online Lending Platforms (OLPs) under SEC Memorandum Circulars
- Adherence to interest rate ceilings and fee caps under SEC Memorandum Circular No. 14, Series of 2025 (recalibrated EIR cap at 12% per month and total cost cap of 100% of principal)
- Compliance with unfair debt collection practices prohibition under SEC MC No. 19, Series of 2019
- Mandatory disclosure requirements under the Truth in Lending Act (standardized disclosures, Key Fact Sheet, APR)
- Stay abreast of regulatory developments, including the SEC's proposed lifting of the moratorium on new OLP registrations (expected April 2026) and the proposed tiered capitalization framework (financing companies: ₱30M for single platform, ₱60M for 2-5 platforms, ₱100M for up to 10 platforms; lending companies: up to ₱50M for 10 platforms)
- Liaise with Bangko Sentral ng Pilipinas (BSP) on matters concerning e-money issuance, payment systems, or digital banking functions if applicable to the company's operations
- Ensure compliance with National Privacy Commission (NPC) regulations, including:
- Registration as a Personal Information Controller (PIC)
- Privacy impact assessments and data protection policies
- Lawful data collection, processing, cross-border data transfer (ensuring adequate protection levels)
- Breach notification protocols
- Prohibition on unauthorized contact scraping and social media data harvesting
- Maintain compliance with Anti-Money Laundering Council (AMLC) requirements, including customer due diligence (KYC), record-keeping, and suspicious transaction reporting
- Consumer Protection
- Implement and monitor compliance with the Financial Consumer Protection Act (FCPA, RA 11765) , ensuring the company upholds the five core rights of financial consumers: (a) equitable and fair treatment; (b) disclosure and transparency; (c) protection of consumer assets; (d) data privacy; and (e) timely complaint redress
- Draft, review, and maintain compliant loan/installment agreements, disclosure statements, promissory notes, and terms and conditions for mobile applications and websites, ensuring:
- Compliance with Truth in Lending Act disclosure requirements
- Adherence to SEC MC No. 14, Series of 2025 interest rate caps and total cost cap
- Clear and conspicuous presentation of interest rates, fees, penalties, APR, and total amount payable
- Develop and oversee the company's Complaint Handling Mechanism in compliance with FCPA requirements
- Ensure marketing and advertising materials comply with truth-in-advertising rules under the Consumer Act and joint SEC guidelines on digital lending advertisements
- Contract Management & Commercial Legal Support
- Draft, review, and negotiate a wide range of commercial agreements, including:
- Retailer/merchant partnership agreements for mobile phone installment sales
- Vendor/supplier contracts
- Technology service agreements (software licensing, cloud services, API integrations)
- Outsourcing and third-party processor agreements
- Employment and contractor agreements
- Lease and office-related contracts
- Provide legal guidance on corporate structuring, governance, and shareholder matters
- Support business development teams with legal due diligence for partnerships and strategic initiatives
- Risk Management & Litigation
- Identify, assess, and mitigate legal and regulatory risks across the company's operations
- Manage external counsel relationships and oversee any litigation, arbitration, or regulatory proceedings involving the company
- Handle pre-litigation disputes, including consumer complaints escalated to the SEC, NPC, DTI, or courts
- Develop and implement internal policies and procedures to prevent legal violations, including:
- Code of Conduct
- Data Privacy Manual
- Anti-Money Laundering (AML) / Counter-Terrorism Financing (CTF) Program
- Debt Collection Policy (compliant with SEC MC No. 19, Series of 2019)
- Whistleblower policy
- Conduct periodic internal legal and compliance audits
- Advisory & Training
- Provide timely and practical legal advice to senior management on regulatory developments, business initiatives, and risk mitigation strategies
- Conduct regular training sessions for employees on:
- Fair debt collection practices
- Data privacy obligations
- Consumer protection requirements
- Anti-money laundering protocols
- Contract management best practices
- Act as the company's liaison with government regulators, including the SEC, NPC, DTI, and AMLC, on all legal and compliance matters
- Corporate Governance
- Ensure compliance with the Revised Corporation Code of the Philippines (RA 11232) , including maintenance of corporate books, records, and minutes
- Prepare and file all required corporate documents with the SEC, including General Information Sheets (GIS), Audited Financial Statements (AFS), and amendments to Articles of Incorporation
- Advise the Board of Directors on corporate governance best practices and compliance with beneficial ownership disclosure requirements
Qualifications
Education & Professional Qualifications
- Bachelor of Laws (LL.B.) or Juris Doctor (J.D.) degree from a recognized Philippine law school
- Member of the Philippine Bar in good standing
- Notary Public commission (or willingness to obtain)
Experience
- Minimum 5–7 years of relevant legal experience, with at least 3 years in the fintech, lending, banking, or consumer finance industry in the Philippines
- Demonstrated experience with SEC regulatory compliance for lending/financing companies, including OLP registration and reportorial requirements
- Proven track record of drafting and negotiating commercial contracts
Technical Knowledge
- Deep understanding of Philippine regulatory framework for lending and financing companies, including RA 9474, RA 8556, RA 3765 (Truth in Lending Act), RA 7394 (Consumer Act), and their respective IRRs
- Working knowledge of SEC Memorandum Circular No. 14, Series of 2025 (recalibrated interest rate and fee caps: 12% monthly EIR, 6% monthly nominal rate, total cost cap of 100% of principal)
- Familiarity with SEC Memorandum Circulars on online lending platforms: MC No. 18, Series of 2019 (OLP registration), MC No. 19, Series of 2019 (unfair collection practices), and the proposed MC to lift the moratorium on new OLP registrations (expected April 2026)
- Knowledge of Financial Products and Services Consumer Protection Act (RA 11765) and its IRR
- Understanding of Data Privacy Act (RA 10173) and NPC regulations, including cross-border data transfer rules and prohibition on contact scraping
- Familiarity with AMLC registration and reporting obligations for lending companies
- Knowledge of CIC (Credit Information Corporation) registration and credit data submission requirements
Skills & Competencies
- Excellent legal drafting, analytical, and problem-solving skills
- Strong business acumen and ability to translate legal requirements into practical business solutions
- Effective communication and negotiation skills, with fluency in English (both written and spoken)
- Proficiency in Filipino (Tagalog) is highly advantageous
- Ability to manage multiple priorities and work under pressure in a fast-paced environment
- High ethical standards and integrity
- Proficiency in legal research using online databases (e.g., LawPhil, CDAsia, official government websites)
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