THE Securities and Exchange Commission (SEC) was able to remove 33 online lending platforms or OLPs from Google Play Store in its campaign against illegal lending, it said on Thursday.
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“These OLPs have not been reported to the SEC, in violation of SEC Memorandum Circular No. 19, Series of 2019 or the Disclosure Requirements on Advertisements of Financing Companies and Lending Companies and Reporting of OLPs,” the SEC said in a press release.Under the SEC circular, financing and lending companies are required to register their OLPs as business names and include their corporate names, SEC registration numbers and certificate of authority numbers in their advertisements.
In line with the directive, Google adopted a policy in May 2022 that requires developers of OLPs in the Philippines to submit a personal loan application declaration and other necessary documentation before they are allowed to publish on the platform. “The SEC will continue its efforts to protect existing and prospective borrowers from abusive, unethical, and illegal lenders,” the regulator said.
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