A SENATOR filed on Tuesday, June 13, a resolution seeking an investigation into the rise of “unauthorized and unregistered” online lending platforms in the Philippines preying on “vulnerable” Filipinos.
Senate Majority Leader Joel Villanueva noted the increase in “abusive collection and debt recovery practices” by some lending companies.
“Our office has been receiving hundreds of complaints from people who were harassed, intimidated, and shamed by the collecting agents of these online lending platforms for being unable to pay their loans on time… We need to put a stop to this inhumane and unethical practice and make sure that our kababayans are truly protected,” the senator said.
Earlier this month, an online lending app reportedly sent funeral wreaths and caskets to borrowers who were unable to pay their loans.
Some collectors also hurl expletives and violent language at the debtors to force them to pay, according to the senator.
Villanueva also asked the appropriate Senate panel to look into reports that some online lending platforms are engaging in “irresponsible data harvesting” that violate their clients’ privacy.
“Our people should be protected against deceptive, unfair, and unconscionable acts and practices, including abusive collection and debt recovery practices,” Villanueva said.
“Debtors deserve to be treated fairly and with dignity,” he added.
According to Atty. Francis Mangrobang, there is a law that mandates fair debt collection, citing rules issued by the Securities and Exchange Commission (SEC).
“Meron po tayong memorandum mula sa SEC noong 2019. Ito ang prohibition on fair debt collection practices,” he said.
He added that the supposed intimidation could be a violation of the Revised Penal Code.
“Ito ay nagsasanhi maaari ng threat kasi ito ay bulaklak ng patay or meron tayong nakakainsulto at merong pang-aabuso sa paniningil. Ang mga ginagawa nila ay maaari ring bumagsak sa sinasabi nating offenses na napapaloob sa ating Revised Penal Code,” Mangrobang said.
Meantime, shaming debtors on social media is covered under the Cybercrime Prevention Act of 2012, the lawyer said, noting that this could be a form of cyber libel.
He urged victims to approach authorities for legal assistance. (ABS-CBN News)
