The Securities and Exchange Commission (SEC) said that they helped remove 33 unregistered online lending platforms (OLPs) from the Google Play Store.
These OLPs apparently failed to meet the SEC’s circular that requires their registration and disclosure of their corporate names as well as their advertisements.
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In November 2021, the SEC issued another circular that imposed a moratorium on the registration of new OLPs. It states that OLPs registered as of November 2, 2021 can operate and can provide online lending or financing, albeit are all subject to strict monitoring.
SEC’s decision to remove the said OLPs was also done after its earlier discussions with Google.
Back in May of 2022, Google announced a new policy that requires loan apps targeting Philippine users to present a Personal Loan App Declaration and other necessary documents before they can publish their apps on the Play Store. If not, their apps will be removed from the Android app store.
What’s more, developers are required to immediately remove their apps in case their submitted license, declaration, or registration is no longer in line with applicable laws.
The SEC continues its efforts to protect Filipinos from unethical, abusive, and illegal lenders. In fact, the commission has already revoked the Certificates of Registration of 2,084 lending and financing firms that weren’t able to secure a Certificate of Authority (CA).
They also canceled the CA of 39 lending and financing companies due to different violations.