The NPC is filing charges against Fast Cash Global Lending’s directors and board members Kellon de Jesus Manalastas, Tiancai Huang, John Christian Sia, Jovy Co Ting and Zichao Su; Unipeso Lending’s executives Haolong Li, Guanqun Luo, Flordeluna Rosell, Rizza Mae Lorilla and Renyvic Duquitan; and Fynamics Lending’s officers Meng Li, Changjin Wang, Kwinnie Mae Fianza, Jacquielyn Chua Garrido, Helen Joy Amican de Luna and Bernard Salvacion Jr. Category: P2P lending Minimum Investment: Php5,000. Sign up now! ) - August 21, 2017 - 4:00pm MANILA, Philippines - The Securities and Exchange Commission (SEC), the corporate regulator, is cracking down on lending … Some 5,000 complaints have so far been filed. Philstar Global Corp. All Rights Reserved. Online Lending in the Philippines. MANILA, Philippines — The Securities and Exchange Commission (SEC) has issued a memorandum circular preventing unfair debt collection practices such as the use of insults or profane language, violent threats or false representation. As of December 31, 2020 This list of Financing Companies, with Certificate of Authority (CA), subject to amendment/updates. Eleven more close contacts of the 12 cases of the United Kingdom variant of coronavirus in Bontoc town in Mountain Province... US-Philippines mutual defense treaty pinagtibay sa Biden admin, Stop and consider God’s wonders. Experiencing harassment or abuse online may take a huge toll on a girl’s confidence and wellbeing.” The Plan International research showed that in the Philippines, "girls and young women who identified themselves as having at least one intersecting characteristic (being from an ethnic minority, identifying as LGBTIQ+ or living with a disability) are more vulnerable to online violence." “It reveals a business model founded on principles violative of the Data Privacy Act, business models which make use only of shaming to collect payments from their delinquent borrowers,” he continued. In this interview with #ANCEarlyEdition, SEC chairman Emilio Aquino says while fintech is helping bridge the gap for unbanked Filipinos, some investors are taking advantage of the system to cheat or harass clients. Philippines seeks Google's help vs abusive online lending. – With Rainier Allan Ronda. CEBU CITY – The Securities and Exchange Commission–Cebu extension office (SEC-CEO) has warned online lending operators against harassment of borrowers in collecting debts. A screen grab image of Flash Cash lending application in the Google Playstore. Please enable Cookies and reload the page. Liboro said that the lending apps had very invasive capabilities and were able to retrieve the users’ phonebook contacts. Philstar.com hosts its content but has no editorial control over it.) “What we’re talking about here is the practice of shaming, and the illegal and unauthorized use of personal information. That is illegal. That’s very clear here,” Liboro said. Check out below: CashMart PH; This is a Singapore-based company that has reached the country already that has a variety of loans such as Personal loan, salary loan, car loan, … MANILA, Philippine — More online lending companies may soon face government scrutiny after the Securities and Exchange Commission (SEC) on Monday said it had issued cease-and-desist orders against 19 online lending applications. How Do Online Cash Loans In The Philippines Work? read By eCompareMo on September 17, 2019 The Securities and Exchange Commission (SEC) issued a cease and desist order (CDO) against 19 lending companies that failed to … By continuing to browse the site, you are agreeing to our use of cookies. ABS-CBN News Updated as of Oct 30 01:21 PM. “Kapag napatunayan na may pagkakasala sila sa batas at sila po’y nambibiktima ng mga tao, ay maaari po silang mapanagot at sila po ay maaaring makulong,” PNP spokesperson BGen. “(The) report found that the penalties inflicted on borrowers by these online lenders are abusive. • 9474, or the Lending Company Regulation Act of 2007 and its Implementing Rules and Regulations ... For this project, SEC collects and uses email addresses through an online subscription/sign-up form located at the upper left portion of the website. June 10, 2020. The apps were also able to access the archives of the smartphone of borrowers, allowing them access to personal photographs which the lending companies used in their shaming of those who went delinquent on their loans. So, today, in order to get a quick loan, you just need to choose the appropriate lending company on our website and to apply online right now! - September 7, 2019 - 12:00am MANILA, Philippines — Officials of three online … The NPC’s fact-finding investigation established that the three online lending firms have not complied with legal requirements for processing personal data; had failed to adhere to the principles of transparency, legitimate purpose and proportionality; and committed unauthorized processing; processing for unauthorized purpose; malicious diclosure and unauthorized disclosure. Online cash loan is a loan that you can apply online directly without visiting the lender's office physically. MANILA, Philippines — Officials of three online lending firms may face imprisonment and fines for alleged public shaming of borrowers, which is in violation of the Data Privacy Act of 2012, the National Privacy Commission (NPC) said. But now borrowing and applying for loans online has made availing a loan in the Philippines, as easy as you want it to be! A year after the Philippines had its first case of COVID-19, the Department of Health (DOH) said yesterday that the country’s... 11 more Bontoc contacts test positive for COVID-19. These unethical practices simply have no place in a civilized society and must stop,” he said. Completing the CAPTCHA proves you are a human and gives you temporary access to the web property. Complaints received by the NPC reported the use by the lending firms of borrowers’ contact list without consent or authority; disclosure of unwarranted or false information to other persons; use of personal information for harassment and unduly intrusive personal data processing. This email addresses are to be incorporated in the mailing list created for the SEC Bulletin. 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