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 Securities and Exchange Commission (SEC) has ordered PawisngPinoyOnline Investment to stop soliciting investments from the public through a non-existent product distribution, real estate, and jewelry business.
The Securities and Exchange Commission (SEC) has allowed SeedIn Technology and Eastern Securities Development Corporation to act as crowdfunding intermediaries and operate crowdfunding portals, providing the country’s SMEs with more funding options.
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.
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).
