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THE Securities and Trade Fee (SEC) was in a position to take away 33 on-line lending platforms or OLPs from Google Play Retailer in its marketing campaign in opposition to unlawful lending, it stated on Thursday.

“These OLPs haven’t been reported to the SEC, in violation of SEC Memorandum Round No. 19, Collection of 2019 or the Disclosure Necessities on Commercials of Financing Corporations and Lending Corporations and Reporting of OLPs,” the SEC stated in a press launch.

The regulator’s motion in opposition to the OLP functions was with the help of Google Philippines.

Below the SEC round, financing and lending firms are required to register their OLPs as enterprise names and embody their company names, SEC registration numbers and certificates of authority numbers of their commercials.

A memorandum round posted in November 2021 states that solely OLPs registered as of Nov. 21, 2021 might function and be used for on-line lending, topic to strict monitoring.

According to the directive, Google adopted a coverage in Could 2022 that requires builders of OLPs within the Philippines to submit a private mortgage utility declaration and different needed documentation earlier than they’re allowed to publish on the platform.

The coverage permits the platform to take away OLPs from Google Play Retailer. It additionally requires OLPs to promptly take away their functions if their registration is not legitimate.

“The SEC will proceed its efforts to guard current and potential debtors from abusive, unethical, and unlawful lenders,” the regulator stated.

Thus far, the fee has revoked 2,084 certificates of registration of lending and financing firms that did not safe the required certificates of authority.

The SEC has likewise canceled the certificates of authority of 39 financing and lending firms for violating relevant guidelines and laws.

“The SEC is participating with different social media platforms for the adoption of an analogous gatekeeping coverage imposed by Google Philippines within the curiosity of buyer safety,” the fee stated. — Justine Irish D. Tabile

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