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MANILA, Philippines—Citing the need to curb the proliferation of “abusive” online lending practices, the Securities and Exchange Commission (SEC) has issued a moratorium on the registration of new online lending platforms of financing and loan companies.
The order dated Nov. 2 took effect immediately upon issuance.
“We are currently crafting new guidelines that will allow lending and financing companies to better address the needs of borrowers and, at the same time, plug loopholes that give rise to abusive and predatory practices,” SEC chair Emilio Aquino said in a press statement on Friday (Nov. 5).
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