The Securities and Exchange Commission (SEC) said it has collected P119.07 million in fees and penalties, or an average of P11.9 million per month from March 2021 to January of this year, through its Web-based system that allows cashless payment of business registrations, fees, and other charges.
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.
Citing data from credit reporting company TransUnion dated March 2021, Sen. Grace Poe said 44 percent of Filipinos have been targeted by digital fraud while fraud attempts against businesses have risen by 31 percent.
SEC chairman Emilio Aquino said the online applications were completed in just one day and as fast as less than two minutes under the Electronic Simplified Processing of Application for Registration of Company (eSPARC).
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.
SEC chair Emilio Aquino said the agency is currently crafting new guidelines that will allow online lending and financing companies to better address the needs of borrowers and plug loopholes that give rise to abusive and predatory practices.
The Securities and Exchange Commission (SEC) has launched a new feature in its online company registration system that will allow applicants to complete the process in one day.
