Senator Juan Miguel "Migz" Zubiri has said that as part of the curbing the country 's online gambling problem, the government must also place tighter regulations on predatory Online Lending Applications (OLAs). Zubiri said this during the Development Budget Coordination Committee briefing on...
Senate Majority Leader Joel Villanueva has called on the Bangko Sentral ng Pilipinas (BSP) to intensify its regulatory efforts against online lending applications, which have been linked to the growing incidence of cybercrimes and the rise of online gambling in the country. In a recent statement,...
The Securities and Exchange Commission (SEC) continues to crack down on erring lending firms and has recently fined LHL Online Lending Inc., doing business under the names and styles of Pautang Online and Pautang Peso, for providing misleading information in its loan agreements. In an order dated...
Senator Sherwin Gatchalian on Wednesday, April 23 pushed for the passage of a bill seeking to eliminate the unfair debt collection practices of online lending companies. In filing Senate Bill No. 818, or the proposed Fair Debt Collection Practices Act, Gatchalian said it is necessary to also...
Senator Raffy Tulfo called out the Securities and Exchange Commission (SEC) for the several lapses he observed in terms of regulating financial and lending companies' operation of their respective online lending applications (OLAs). Sen. Raffy Tulfo presides over the Subcommittee on Banks,...
Senator Sherwin Gatchalian on Sunday, June 25 urged the public to be wary of finance applications that can be downloaded online on Google Play or Apple Store and other websites but are actually lending applications that victimizes oblivious customers. ...
Debtors deserve to be treated fairly and with dignity. That is the message of Senate Majority Leader Joel Villanueva when he filed a resolution which seeks to investigate the rise of unauthorized and unregistered online lending platforms in the country and victimizes hundreds of vulnerable...
An online lending company in Barangay San Miguel, Pasig City was raided by operatives of the Philippine National Police - Anti-Cybercrime Group (ACG) on Tuesday, May 16, for allegedly threatening and harassing its customers who have failed to pay their loans. The company was identified as Realm...
Anti-cybercrime operatives of the Philippine National Police (PNP) arrested a total of 83 people in a raid on the office of an alleged illegal online lending agency in Sampaloc, Manila. Police Brig. Gen. Joel Doria, director of the PNP-Anti-Cybercrime Group (ACG), said those arrested were the ones...
Albay 2nd district Rep. Joey Salceda believes that a bigger crackdown on online lending and investment scams is coming sooner than later, thanks to President Duterte's expected signing of the Financial Consumer Protection (FCP) Act. (Maxim Ilyahov/ Unsplash) “I am told by sources in the Palace...
While we can be thankful and optimistic that the worse of the COVID-19 global health crisis may be over, and that the light at the end of the COVID-tunnel is getting brighter; the inescapable truth is that while Resilience has been a key quality of us Filipinos, the pandemic has also shown us just...
About 45 Filipinos and a Chinese national allegedly involved in an online money lending scam were apprehended by operatives of the Philippine National Police - Anti-Cybercrime Group (PNP-ACG) in Barangay San Antonio, Pasig City on Saturday, Feb. 12. The PNP-ACG identified one of the suspects as...
