Friday, 5 June 2020

Philippines orders shutdown of 11 illegal lending apps

MANILA: The Securities and Exchange Commission (SEC) of the Philippines has issued a cease and desist order against 11 more illegal mobile lending applications, heeding complaints of unreasonable and abusive lending and collection practices.

The order, issued on September 20, covers Cash Whale, Cash 100, Cashafin, CashFlyer, CashMaya, Cashope, Cashwarm, Cashwow, Creditpeso, ET Easy Loan, and Peso2Go.

The SEC enjoined the owners and operators of the online lending applications, their agents, representatives and promoters, the owners of their hosting sites and all persons acting for and in their behalf to immediately cease and desist under pain of contempt from engaging in, promoting and facilitating unauthorized lending activities.

The commission also ordered the online lending operators to cease from offering and advertising their lending business through the internet and to delete or remove promotional presentations and offerings of such lending business from the internet including the lending applications that they operate.

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