The SEC took active measures removed 33 unregistered lending apps or Online Lending Platforms (OLPs) on the Google Play Store.
It looks like these OLPs didn’t follow the SEC’s circular, which says they have to register and make their corporate names and ads public.
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In November 2021, the SEC prohibited the registration of new OLPs through the issuance of a circular. The circular stated that registered OLPs, as of November 2, 2021, can operate and lend or finance money online but the SEC will closely monitor their activities.
After talking to Google, the SEC made the decision to eliminate these unregistered OLPs.
In May 2022, Google introduced a new rule that mandates loan apps targeting people in the Philippines to display a Personal Loan App Declaration and other relevant documents before they can be listed on the Play Store. Google will remove apps that fail to comply with this rule from the Google Play store.
Google requires developers to promptly remove their apps if the license, declaration, or registration they submitted becomes invalid.
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The SEC keeps working to protect Filipinos from lenders who are not honest, are abusive, or are breaking the law. In fact, the commission has already taken away the registration certificates of 2,084 lending and financing companies that couldn’t get a Certificate of Authority (CA).
They also took away the CA of 39 lending and financing companies because they had broken the rules in different ways.
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