Senators raise concerns over harassment of borrowers unable to repay loans on time

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Transcript

00:00They say the hardest person to forget is the one who still owes you money

00:03But for some borrowers unpaid debts have become more than just a financial burden

00:08They've turned into a waking nightmare with cases of harassment and threats on the rise

00:14Complaints are piling up about how easily people are lured into taking loans and when they fail to pay the consequences

00:20Can be relentless our Daniel Manalastas has the report

00:24Senators expressed concern over reports of some borrowers who experienced harassment and received threats

00:33Some were not able to pay their loans on time. This was the Senators discussed in a committee hearing

00:39Although, I still believe that debts should be paid. Of course, but there are ways to pay off the debt

00:50Not what we go through as if it's a curse

00:54We have reports of people being forced to pay their debts

01:02Based on information given to Senator Sherwin Gatchalian

01:05Enticing would-be victims to borrow money has become quite easy as it can now even be done through text messaging

01:14Senators also questioned how easy it is nowadays to access online lending applications or OLA

01:21Is there a qualification in terms of capitalization?

01:25Yes, sir. For ordinary, for OLA, there is none.

01:31That's the problem because anyone can put up an OLA

01:35Any Poncio Pilato can build an OLA because there is no minimum capitalization

01:43SEC is in the process of revisiting the two antiquated laws

01:49Actually, sir, there is a TWG form for revisiting the financing law and the lending law

01:58And we are planning to codify the provisions

02:03PAOC says it already received various reports related to online lending applications, which they are currently addressing

02:11Their faces are placed in pornographic videos

02:16We have a victim who was talked to and sent to funeral services

02:24We have a victim who was sent to Warrant of Arrest from PNP-CIDG

02:34There is a department in charge of coordinating with PAOC and NBI

02:43The Senate Committee expected to conduct more hearings on the said issue

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