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SEC to close more illegal lending apps

THE Securities and Exchange Commission (SEC) vowed more illegal online lending operators would be ordered to halt operations amid a continued crackdown.

|SEC Commissioner Kelvin Lester Lee, in a chance interview with The Manila Times, said there were ongoing hearings for the complaint cases lodged against unauthorized online lending operators and more decisions will be released in the future.

“More are coming. There some more actions coming,” he said.


Asked if more cease and desist orders would be released until next year, he replied, “Let’s see.”

For now, the SEC Commissioner pointed out complaints have already lessened since the crackdown on illegal online lending operators began.

The National Privacy Commission, on its end, reported earlier that privacy-related complaints against online lending operators dropped by 90 percent in November, compared with January figures.

The SEC, meanwhile, is now reaching out to the head office of Google in the United States to further seek help in making sure that illegal online lending operators would not be able to penetrate Google Play an online application store.

Lee said he was hoping for a response before the year ends.

Google Philippines, during a meeting with SEC last month, vowed to extend assistance on the regulator’s concern.

The SEC has been intensifying its crackdown on unauthorized lending applications, closing 48 illegal operators since September.

SEC’s findings noted that online lending entities do not have certificates of authority to operate as lending or financing companies.

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