THE Securities and Exchange Commission (SEC) is seeking a quicker way to remove illegal online lending applications from Google Play. SEC Commissioner Kelvin Lester Lee, in a chance interview with The Manila Times, said that the regulator has been working with Google to eradicate all illegal lending apps on their online platform to protect potential borrowers. “So far, Google has been very cooperative. If you check the Google Play, marami nang natanggal [many are removed already],” Lee said. Since November last year, the SEC has been coordinating with Google Philippines to deal with the matter. Lee said that the regulator is now also speaking with some United States officials in relation to this. He said that SEC remains steadfast in shutting down unauthorized lending operators, recently ordering Peso Tree, Pesoalo and Pinoy Cash Loan to cease and desist from operating. They were also instructed to cease from advertising their respective businesses through internet, directing them to remove any promotional materials online. Last year, SEC issued cease and desist orders against 48 illegal online lending platforms.
