As recommended by the Securities and Exchange Commission (SEC), Google will now require developers of apps offering lending services to submit a personal loan app declaration indicating that they have the necessary documents from SEC before they release apps on the Google Play Store, effective May 11, 2022.
SEC said that failure to submit the declaration and license attribution will lead to the app’s removal from the Google 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 SEC stated.
This stricter requirement for the approval process of Philippine-based online lending apps aims to curb the activities of loan sharks.
Furthermore, Google would remove the app from the store should the developer’s license and registration expire.
The commission has been coordinating with Google since 2019 and has taken down illegal lending apps and revoked over 2,000 certificates of registration of lending and financing companies due to a lack of supporting documents.
The Philippines, along with Indonesia and India are countries where Google will impose more requirements for developers of personal loan apps.
YugaTech.com is the largest and longest-running technology site in the Philippines. Originally established in October 2002, the site was transformed into a full-fledged technology platform in 2005.
How to transfer, withdraw money from PayPal to GCash
Prices of Starlink satellite in the Philippines
Install Google GBox to Huawei smartphones
Pag-IBIG MP2 online application
How to check PhilHealth contributions online
How to find your SIM card serial number
Globe, PLDT, Converge, Sky: Unli fiber internet plans compared
10 biggest games in the Google Play Store
LTO periodic medical exam for 10-year licenses
Netflix codes to unlock hidden TV shows, movies
Apple, Asus, Cherry Mobile, Huawei, LG, Nokia, Oppo, Samsung, Sony, Vivo, Xiaomi, Lenovo, Infinix Mobile, Pocophone, Honor, iPhone, OnePlus, Tecno, Realme, HTC, Gionee, Kata, IQ00, Redmi, Razer, CloudFone, Motorola, Panasonic, TCL, Wiko
Best Android smartphones between PHP 20,000 - 25,000
Smartphones under PHP 10,000 in the Philippines
Smartphones under PHP 12K Philippines
Best smartphones for kids under PHP 7,000
Smartphones under PHP 15,000 in the Philippines
Best Android smartphones between PHP 15,000 - 20,000
Smartphones under PHP 20,000 in the Philippines
Most affordable 5G phones in the Philippines under PHP 20K
5G smartphones in the Philippines under PHP 16K
Smartphone pricelist Philippines 2024
Smartphone pricelist Philippines 2023
Smartphone pricelist Philippines 2022
Smartphone pricelist Philippines 2021
Smartphone pricelist Philippines 2020
