For Atty. Roger Quevedo, public service after retirement was not part of the plan. Yet the lure of a new challenge — and the chance to take a stand for transparency, investor protection, and fair corporate governance — brought him back into government service as one of the five commissioners of the Securities and Exchange Commission (SEC).
“I am enjoying my job,” he said in an exclusive interview with DAILY TRIBUNE.
“Even if I am already past retirement age, I got out of my retirement to join the government. I have six more years with the SEC.”
Quevedo speaks from a unique vantage point: before this post, he served with the Government Corporate Counsel, advising state-owned firms. Now, as supervising commissioner for the Enforcement and Investor Protection Department, the Financial Lending Department, and corporate governance, he has moved from giving opinions to being “the regulator of all private corporations.”
In recent years, the SEC’s work has been thrust into the spotlight due to proliferating financial scams and abusive lending practices. The rapid spread of mobile technology, Quevedo notes, has been a double-edged sword. With more than 100 million combined subscribers across Smart, Globe and Dito — in a country of 115 million people — scams can spread at lightning speed.
The Financial Lending Department, under his supervision, tackles unfair debt collection practices and online lending fraud.
Netting online sharks
“The abusive and unfair debt collection practices are a big problem now because of the mobility of cell phones, the internet, and WiFi,” he explains.
“Anyone can access our cellphones, and they are able to penetrate our people.”
Recent high-profile cases include the Ponzi scheme of Kapa, which took over P5 billion from teachers and retirees, and the alleged P8-billion fraud involving Mica Tan. Many of these scams are linked to unregistered lending apps, some developed overseas, and even to illegal offshore gaming operators.
While the SEC works to protect borrowers, Quevedo also acknowledges the need to protect legitimate lenders from borrowers who refuse to pay.
“More than half of our complaints are from people who simply don’t want to pay. We must strike a balance.”
Quevedo is critical of current lending rules that allow annualized interest rates of up to 80 percent for small, short-term loans.
“If you borrow P2,000, you might only receive P1,200 after deductions, then pay P30 a day for 90 days — that’s P2,700 in interest,” he points out. The SEC is studying how to set more reasonable rates.
His background in IT — from his days heading interconnection at Smart and serving on the Comelec Advisory Council — has proven valuable. He is spearheading the use of artificial intelligence in complaint monitoring to sift through over 10,000 complaints, flag duplicates, and detect sabotage attempts between competitors.
“If a lending company gets too many legitimate complaints, we issue a cease-and-desist order and a show-cause order. But we must also guard against abuse of the system by bad-faith complainants,” he says.
A key SEC thrust under Quevedo’s watch is expanding the capital market and encouraging more Filipinos — including overseas workers — to invest in stocks. But competition from online gambling, he warns, poses a real threat.
Gambling made accessible
“You can gamble from the privacy of your room. It’s easier to understand than stock trading, and it’s dangerous for minors.”
He opposes investment in online gambling firms, even when they are legal, citing the harm to families and minors. Instead, he believes in strengthening corporate governance to build investor confidence. Publicly listed companies are required to have at least 20 percent independent directors, and he wants these to be truly independent.
“I am proposing a fixed three-year term so they can function independently,” he says.
Foreign investor confidence, he adds, is also dampened by the 60-40 ownership rule, which leaves them perpetually in the minority. Meanwhile, ordinary Filipinos — especially OFWs — often fall prey to scams due to low bank interest rates and a lack of trusted investment avenues.
“We encourage OFWs to invest in the stock market,” Quevedo said.
“Brokers must be licensed by the SEC and PSE. While there’s no absolute guarantee, proper governance and possibly broker insurance can reduce risks.”
Quevedo’s message is clear: the SEC is not an elite club for big corporations. “We are the ones you run to when financial lending companies scam you. We will help you without unnecessary requirements, as long as your claim is valid,” he stressed.
From combating lending scams to advocating for fair governance and expanding the capital market, Roger Quevedo has placed himself at the intersection of investor protection and economic development. It is a role he embraces fully — not just as a regulator, but as a watchdog determined to keep both corporations and con artists in check.