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Google imposes stricter rules for Philippine online lending apps

Google has tightened the approval process for online lending applications in the Philippines to curb illegal and abusive lending practices. The Securities and Exchange Commission (SEC) said that 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. SEC also further requires financing and lending firms to register their online lending platform (OLP). In November 2021, the commission imposed a moratorium on new OLPs while it drafted guidelines on the registration and licensing of OLPs. SEC Chairperson Emilio B. Aquino thanked Google for supporting their efforts to preserve the financing and lending industry’s integrity, and provide Filipinos with secured and accessible financing options.

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