The Securities and Exchange Commission has convinced technology giant Google to adopt a more stringent approval process for online lending apps in the Philippines as part of the agency’s efforts to tackle illegal and abusive lending practices. In a statement, the SEC said that, effective May 11, Go
THE Securities and Exchange Commission (SEC) said on Tuesday that Google Inc. has followed the regulator’s advice to adopt a stringent approval process for local online lending applications on Android smart phones in the Philippines. By May 11, Google will require developers offering personal loans in the Philippines to submit…
6th District's Provincial Board member Glenn Anthony Soco. (PNA file photo by John Rey Saavedra) CEBU CITY - A member of the Cebu Provincial Board (PB) on Monday filed a proposed ordinance that will regulate interest rates and fees of small-time lending companies offering loans but eventually pushed household owners and small-scale entrepreneurs into "debt traps". Glenn Anthony Soco, Cebu's 6th district PB member and chair of the committee on commerce, wanted a ceiling on nominal interest rates at 6 percent per month of 0.2 percent per day, and an effective interest rate of 15 percent per month or 0.5 percent per day for late payment and for failure to pay. Apart from the interest limit, Soco said a cap on penalties for late payment or non-payment at 5 percent per month on outstanding scheduled amount due should be put in place, as well as a total cost cap of 100 percent of total amount borrowed regardless of time the loan has been outstanding. Soco said the province&
The Securities and Exchange Commission (SEC) has issued cease and desist orders (CDOs) against six online lending operators for conducting lending activities without the necessary license from the Commission. The Commission En Banc directed PesoKwento, Pondo Cash, TBAG, Cash Sky, Loan Cash, and Eas