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  • REQUEST SUBMITTED

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    Date: 2022-02-24 10:50:31.110823

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    Date: 2022-02-24 13:41:36.717756

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    Date: 2022-02-28 12:25:34.115898

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Online Lending Apps still illegally operating

Requested from SEC by R. Padrones at 10:50 AM on Feb 24, 2022.
Purpose: Report of Illegally operating Online Lending Apps
Date of Coverage: 02/24/2022 - 02/24/2022
Tracking no: #SEC-537301491526

Padrones 10:50 AM, Feb 24, 2022 

Cashwill and CashCow are still sending out text messages offering cash loans. Ido not have any existing loans with them nor have I signed up for any of their offers. I worry that other people may get interested of what they are offering even though they do ot have certificate of authority to operate as a lending company.

Infante 01:41 PM, Feb 24, 2022 

February 24, 2022

Dear Rey,

Thank you for your request dated Feb 24, 2022 under Executive Order No. 2 (s. 2016) on Freedom of Information in the Executive Branch, concerning Online Lending Apps still illegally operating.

We received your request on Feb 24, 2022 and will respond on or before Mar 17, 2022 10:50:31 AM, in accordance with the Executive Order's implementing rules and regulations.

Should you have any questions regarding your request, kindly contact me using the reply function on the eFOI portal at https://foipmo09062021143959-dot-efoi-ph.appspot.com/requests/aglzfmVmb2ktcGhyHQsSB0NvbnRlbnQiEFNFQy01MzczMDE0OTE1MjYM, for request with ticket number #SEC-537301491526.

Thank you.

Respectfully,

Violeta Infante
FOI Officer

Gumtang- Remalante 12:25 PM, Feb 28, 2022 

February 28, 2022

Dear Rey Padrones,

Greetings!

Thank you for your request dated Feb 24, 2022 10:50:31 AM under Executive Order No. 2 (s. 2016) on Freedom of Information in the Executive Branch.

Your Request

You asked for Online Lending Apps still illegally operating.

Response to Request

At present, please be informed that Cashcow is the recorded online lending platforms (OLP) of Fast Coin Lending Corp.  Cashwill, on the other hand is not one of the recorded OLPs found in the list in the SEC website. Please take note that the Commission is already taking the necessary actions against this OLA that is under its regulatory supervision.
 
For a complete list of recorded online lending platforms (OLPs), please refer to the SEC website at https://www.sec.gov.ph/lending-companies-and-financing-companies-2/list-of-recorded-online-lending-platforms/?hilite=%27toga%27.

Your right to request a review

If you are unhappy with this response to your FOI request, you may ask us to carry out an internal review of the response by writing to Commission Secretary at comsec@sec.gov.ph. Your review request should explain why you are dissatisfied with this response, and should be made within 15 calendar days from the date when you received this letter. We will complete the review and tell you the result within 30 calendar days from the date when we receive your review request.
 
If you are not satisfied with the result of the review, you then have the right to appeal to the Office of the President under Administrative Order No. 22 (s. 2011).
 
Thank you.

Respectfully,

Atty. Rachel Esther Gumtang- Remalante
FOI Receiving Officer

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