“Starting May 11, Google will require developers offering personal loans in the Philippines to submit a personal loan app declaration, and submit necessary documentation before they could publish apps on Google Play Store,” said SEC in a statement.
The SEC said personal loan apps without declaration and license attribution will be taken down from the Play Store.
“In the declaration form, developers shall state that they are registered with and duly licensed by the SEC Philippines to operate an online lending platform, or to perform lending -based crowdfunding activities, such as peer-to-peer lending, or to act as a crowdfunding intermediary,” the commission said. “Also, developers shall confirm that they are engaged in a lawful business activity and are undertaking the same in compliance with the applicable laws.”
The SEC said developers should immediately remove the app from Google Play Store if the license, registration, or declaration is no longer valid.
The regulator asked Google in 2019 to take down illegal lending apps from the Play Store.
In 2021, it released a memorandum circular that stated only online lending platforms registered as of Nov. 2, 2021 may operate subject to strict monitoring.
“We are positive that the additional requirements, imposed by Google for developers of personal loan apps targeting users in the Philippines, will serve as another layer of protection for Filipino borrowers and deterrence against predatory lending,” said SEC Chairman Emilio Aquino.
The Philippines is one of three countries where Google will impose more requirements for developers of personal loan apps. The others are Indonesia and India.
The SEC said it revoked the certificates of registration of more than 2,000 lending and financing companies that have no certificates of authority.
Seventy-two online lending platforms were ordered to cease operations for lack of authority to operate.
Metro Manila (CNN Philippines, April 12) — Google will tighten the approval process of money lending applications upon the recommendation of the Securities and Exchange Commission (SEC), the regulator said on Tuesday.
