SEC files criminal raps vs Easypeso operator

MANILA -- The Securities and Exchange Commission (SEC) has filed criminal complaints against the operator of online lending app Easypeso for abusive collection practices. 

In a statement, the SEC said it joined personnel of the National Bureau of Investigation (NBI), National Privacy Commission (NPC), Presidential Anti-Organized Crime Commission (PAOCC), and Philippine National Police (PNP) in implementing a search warrant against Credible Lending Corporation on July 15.

The officials seized computers, company-issued phones, pre-registered sim cards, text blasters, and scripts that were allegedly used by the employees to harass borrowers during collection. They also arrested the company's employees.

Through an inquest proceeding, the SEC, NBI, and NPC, formally lodged criminal complaints with the Department of Justice against 173 employees and the incorporators, officers, directors and beneficial owners of Creditable Lending.

SEC said its Task Force on Online Lending Application has been talking about Creditable Lending after receiving more reports of harassment from those to whom it gave loans.

The commission's Financing and Lending Companies Department has also issued a cease and desist order against Creditable Lending and Easypeso, preventing them from promoting or conducting lending transactions.

Aside from Creditable Lending, the SEC also previously stopped the operations of Magic Peso operator Hupan Lending Technology Inc. after receiving complaints of abusive collection practices.

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