Government, Congress need to act fast vs vicious online lenders –solon

The government should intensify its efforts to pin down online lenders who shame and employ vicious collection tactics on its borrowers, a lawmaker said Monday.

Davao City lawmaker Paolo Duterte added that Congress should do its part by tackling proposed bills that aim to regulate the online lending sector when it resumes session on July 24.

“More victims have continued to come out to report being harassed, shamed, threatened, and forced to pay usurious interest charges. Both the Executive and Congress need to act fast to put an end to these inhumane debt collection practices,” Duterte said in a statement.

Duterte added that the Philippine Association of Loan Shark Victims Inc. (PALSVI) was spearheading a petition which seeks to shut down 101 online lending apps (OLAs) that “threaten, embarrass, intimidate, and cause utter grief to the unfortunate victims.”

PALSVI’s petition gathered over 32,000 signatures so far, and its members have also filed complaints with the Philippine National Police (PNP) Anti-Cybercrime Group against several online lenders.

Duterte said that several of the OLAs mentioned in the online petition continued to be available for download.

“The absence of a law that would tighten regulation over online moneylenders was among the reasons abusive debt collectors proliferate in cyberspace. Our laws need to catch up with technology, while providing ease and convenience to consumers,” he added.

Duterte is the author of House Bill 6681, or the proposed Fair Debt Collection Practices Act, which prohibits a debt collector from engaging in any conduct intended to “harass, oppress, humiliate, or abuse any debtor in connection with the collection of a debt.” — DVM, GMA Integrated News