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.
The Securities and Exchange Commission (SEC) has revoked the Certificate of Authority (CA) of Familyhan Credit Corporation to operate as a lending company after it engaged in unfair debt collection practices.
In what is believed to be the first case of a local firm found violating the data privacy law, the National Privacy Commission (NPC) has recommended the criminal prosecution of Fynamics Lending Inc., the operator of the PondoPeso online lending application that was the subject of numerous data privacy complaints.
The NPC ordered online lender Familyhan to immediately take down its master database online to prevent more people from gaining unauthorized access to it.
