Editing by Nathaniel Cajuday
The Securities and Exchange Commission (SEC) has cautioned the public against five online lending applications (OLAs) namely; PURECASH, SUGERCOIN, TCREDIT, GOLDAPPLE, and SPENDCASH.
As per the Commission, the above-mentioned entities are not authorized to engage in lending activities that are not operated by any registered Lending Companies with Certificates of Authority (CA) to engage in lending activities nor are they in the List of Recorded Online Lending Platforms.
In line with this, the SEC reminded that those who engage in lending business activities without proper authority from the Commission are “criminally liable under Section 12(1) and Section 12 (2)(a) of R.A. No. 9474 and can be penalized with a fine of not less than Ten Thousand Pesos (P10,000) and not more than Fifty thousand pesos (P50,000.00) or imprisonment of not less than six months but not more than ten (10) years or both, at the discretion of the court.”
“Further, the Department of Justice (DOJ) Office of Cybercrime has issued a Public Advisory against Online Lending Companies (OLCs) engaged in unfair/abusive collection practices. The said advisory can also be accessed through this link: https://cybercrime.doj.gov.ph/public-advisory-on-online-lending-companies/,” the SEC wrote.
Accordingly, the Commission reminded the public not to further transact with the previous OLAs or with any OLAs not in the List of Recorded Online Lending Platforms and to take the necessary precaution in dealing with individuals representing the above-named OLAs.
On the other hand, the SEC also issued an advisory recently for the public not to invest and stop investing in the controversial crypto Lodicoins after the Commission received several reports about the unauthorized investment-taking activities of LODITECH, the firm behind the coin. (Read more: SEC Issues Public Advisory Against LODICOIN)
Currently, the Commission as well as the Bangko Sentral ng Pilipinas (BSP) does not have the power to control other cybercrimes that involve digital assets. The two financial regulators are still asking for definite rules and regulations on the digital economy. (Read more: SEC: Law Focusing on Digital Assets Needed)
For more information about the Advisories that the Commission issued against other entities. Go to: SEC Advisory Archives | BitPinas
This article is published on BitPinas: SEC Issues Advisory Against PURECASH, SUGERCOIN, TCREDUT, GOLDAPPLE, SPENDCASH
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