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.
