(SEPTEMBER 16, 2019) – The Securities and Exchange Commission (SEC) shut down 19 illegal online lending apps on Monday over complaints of invasion of privacy and harassment.
The SEC issued cease and desist orders against the following apps: Instant Pera, Quick Pera, LendMo Philippines, Binixo, CashBus, Cashcat, Cashuttle, Crazy Loan, Flash Cash, Happy2Peso, Hatulong, MeLoan, MoneyTree Quick Loan, Pera Express, Pera4u, Peramart, PesoLending, QuickPeso, and Umbrella.
“That’s the thing about these 19, they’re not registered with the SEC and they also have no certificate to operate,” said Commissioner Kelvin Lester Lee.
Meanwhile, officials from FinTech Alliance Philippines, Institute of Corporate Directors, Bangko Sentral ng Pilipinas, National Privacy Commission, and the Securities and Exchange Commission signed an agreement to create a code of conduct among online lending apps.
“The industry-wide code of ethics and conduct should help steer the financial technology or fintech industry towards higher standards of behavior and away from attempts to exploit it for money laundering, terrorist financing, fraud and invasion of privacy,” said Lee.
The National Privacy Commission (NPC) reports it has received nearly 1,000 complaints of harassment from online lenders.
FinTech Alliance Philippines Chairman Lito Villanueva said it has become the practice of some illegal online lending sites to pressure consumers to settle their loans by shaming them to their relatives and friends.
“Hindi nila alam na kapag nag-yes sila sa mga online lending apps na ‘yun ay pinahihintulutan nila o ina-allow nila ang mobile lenders na kuhain ang kanilang contact details. At kung sakaling hindi sila makabayad ngayon, iyon ang kanilang gagamitin para magpadala ng mga SMS na tinatawag nating public shaming,” said Villanueva.
The group has also recommended putting up a list of legitimate money-lending apps on government websites to guide online consumers.
“We are suggesting to regulators that we provide a list of legitimate players in the industry which they could actually put in their respective websites: NPC, SEC, BSP, etc.” said Villanueva.
Privacy Commissioner Raymund Liboro also reminded the public to be more mindful of the apps that they download.
“Tingnan niyo po ‘yung mga review tungkol dito. Kung nakikita niyo po na ‘yung iba ay nagsasabing hindi ito maganda ay huwag niyo na pasukin pa o patulan pa,” said Liboro. (Katrina Ventura/JMF)
Our Privacy Commitment
TV5 Network Inc. values and respects your privacy. We are committed to safeguarding your personal data in compliance with Republic Act No. 10173 or the Data Privacy Act of 2012 and its implementing rules and regulations.
We have developed a Privacy Policy that adopts and observes appropriate standards for personal data protection. While our Privacy Policy sets out the general principles governing the collection, use, and disclosure of our users’ personal information, our Privacy Commitment seeks to inform you more about TV5’s privacy practices.
Why do we collect your personal information (as applicable)?
We may collect and maintain basic information about you as site user of TV5 sites for the following purposes:
Where do we get your personal information?
There are several ways we collect your personal information.
Information that you personally provided.
Most of the personal information we have are those that you have provided us when you:
Information we collect during your engagement with us
We also collect information as you use our products and services, like:
Information we collect from other sources
Other means of collection of information may be through:
When do we disclose personal information?
There may be instances when we are required to share the information you provided us. In such cases, we ensure that your personal information will be disclosed on a confidential manner, through secure channels and in compliance with the Data Privacy Act and other privacy laws.
We will never share, rent, or sell your personal information to third parties outside of TV5 except in special cases where you have given consent, and in cases described in our privacy policy.
In some instances, we may be required to disclose your personal information to our agents, subsidiaries, affiliates, business partners and other third-party agencies and service providers as part of our regular business operations and for the provision of our programs and services. This means we might share your information with our service providers, contractors, and professional advisers who help us provide our services.
How we protect your personal information
The integrity, confidentiality, and security of your information is important to us. We have implemented technical, organizational, and physical security measures that are designed to protect your information from unauthorized or fraudulent access, alteration, disclosure, misuse, and other unlawful activities.
We also put in effect the following safeguards:
TV5 will not collect, use, or disclose your personal information for any purpose other than the purpose that you may have given your consent for.
What are your choices?
We make sure that we have your consent to continue to collect, use, and disclose your personal information for the purposes that we have identified. We want you to know that you may object or withdraw your consent and/or edit your consent preferences at any time.
If you wish to have access to the personal information in our custody or if you think that the personal information you provided is incomplete, or otherwise inaccurate, you may get in touch with our Data Protection Officer through the contact details provided below. In some instances, we may request for supporting documents or proof before we effect requested changes.
Data Protection Officer
TV5 Network Inc.
Reliance corner Sheridan Streets
Mandaluyong City
tv5dataprivacy@tv5.com.ph
What happens when there are changes in our Policy?
From time to time, we may update our privacy policy and practices to comply with changes in applicable laws and regulatory requirements, adapt to new technologies and protocols, and align with the best practices of the industry.
You will be provided notices if the changes are significant and, if we are required by law, we will obtain your updated consent.