In an order issued March 22, the SEC directed PesoKwento, Pondo Cash, TBAG, Cash Sky, Loan Cash, and East Cash to immediately cease and desist from engaging in any lending activity until they have incorporated and secured the requisite authorization from the agency.
The Securities and Exchange Commission (SEC) said it has revoked the license of Cashtrees Lending Corporation for launching and operating unregistered online lending platforms (OLPs) amid a moratorium imposed by the commission.
The SEC said the act of “contacting the person in the borrower’s contact list other than those who were named as guarantors or co-makers shall constitute unfair debt collection practice.”
In a joint operation on Feb. 12, the combined forces of the Securities and Exchange Commission (SEC) and the Philippine National Police Anti-Cybercrime Group (PNP-ACG) implemented a warrant to search, seize, and examine computer data in Cashtrees Lending Corporation’s office in Pasig City.
In an order issued February 8, the SEC directed CashWill, PesoBee, Peso T-Safe Online Cash, RushLoan, SkyMart, SpendCash, Tapa, and WithU, to immediately cease and desist from operating lending businesses until they have incorporated and secured from the SEC authorization to pursue such activities.
In an order issued February 3, the SEC directed Tacoloan, VCash, 365 Cash, SwipeCash, and BootCash to immediately cease and desist from operating their lending businesses and related activities until they have incorporated and secured from the SEC their respective certificates of authority to operate as a lending or financing company (CA).
The proposed SEC guidelines, released on January 27 for public comment, will operationalize BSP’s Circular No. 1133 Series of 2021, which prescribes the maximum interest rates and other fees charged by lending and financing companies, and their online lending platforms (OLPs).
The SEC has cancelled the license of Fynamics, which operates online lending platform Pondo Peso for its repeated failure to comply with reportorial requirements.
The SEC released for public comment the draft guidelines on November 19, following the imposition of a moratorium on the registration of new online lending platforms (OLPs) on November 5.
Sen. Sherwin Gatchalian said the liability of lending firms should not only be administrative as some of the acts committed against financial consumers already constitute criminal accountability such as infringement of data privacy and cyber harassment.
