Online lending scams
ALARMING and saddening are reports that “loan sharks” and unscrupulous online lending companies continue to victimize people not only in the metropolis but elsewhere.
That’s why we commend Sen. Sherwin Gatchalian for leading a move to look into the activities of these firms, which are not under the supervision of the Bangko Sentral ng Pilipinas (BSP).
The move is aimed at crafting remedial legislation to address possible gaps in the existing policies being enforced by government regulating agencies, according to the highly-articulate Gatchalian.
His office continues to receive complaints from victims of online lending firms, with majority of them claiming to have suffered various forms of threats and intimidation from debt collectors.
Noting the emergence of online cash loan services of unlicensed lenders, Gatchalian called on the BSP to advise the public not to transact business with these types of predatory lending.
“Dahil sa marahas na pamamaraan nila ng paniningil, may mga biktimang nabalitaang nag-suicide at marami na rin umano ang nakararanas ng death threats,” added Gatchalian.
At the same time, Gatchalian, vice chairman of the Senate committee on banks, financial institutions and currencies, warned those who are looking for a quick loan.
The lawmaker from Valenzuela City also called for the immediate passage of Senate Bill (SB) 1366, otherwise known as the proposed “Fair Debt Collection Practices Act.”
The proposed legislation seeks to prohibit debt collectors from harasssing or threatening the debtor and his/her family with death or physical injuries, according to Gatchalian.
Under the bill, creditors and debt collectors are also barred from accessing personal inmformation of the debtor without his/her consent.
Our lawmakers are expected to hasten the approval of SB 1366, knowing full well that they have the heart and the mind for the welfare of the Filipino people.
