The Market Monitor Minding the Nation's Business
By Tracy Cabrera
In response to a surge in complaints about fraudulent loan schemes, the Presidential Anti-Organized Crime Commission (PAOCC) has rolled out a nationwide crackdown on abusive online lending applications (OLAs).
PAOCC Executive Director Gilbert Cruz announced the formal launch of the initiative, which seeks to curb the growing number of consumer complaints against online lending operators who resort to threats and harassment.
Cruz said the commission is working closely with the Philippine National Police–Criminal Investigation and Detection Group (PNP-CIDG), Securities and Exchange Commission (SEC), and National Telecommunications Commission (NTC) to ensure the campaign’s success and safeguard the public from further abuse.
“This initiative is part of the directives from President Ferdinand Marcos Jr. to prioritize complaints against OLAs, ensuring that victims can seek justice and access necessary legal remedies,” he said.
Cruz, a retired major general, underscored the serious consequences of unchecked OLA operations, citing their “financial, psychological, and reputational injury” to thousands of victims. “These abusive online lending operators have caused serious harm to thousands of Filipinos. Under the President’s directive, we are going after these groups to protect our people and ensure they are held accountable,” he emphasized.
Data from the PAOCC showed the agency received more than 13,000 complaints against OLAs in April and May of this year alone. During the official launch, around 100 victims gave sworn affidavits and detailed testimonies to the CIDG to help build legal cases against the perpetrators.
PNP chief Gen. Nicolas Torre III assured full assistance for complainants as they pursue legal action.
Meanwhile, the SEC has repeatedly cautioned the public against dealing with unregistered online lenders, warning that such entities often engage in abusive collection tactics, violate privacy rights, and impose excessive fees.
Several unauthorized OLAs have already been ordered taken down. In February, the PAOCC successfully coordinated with international partners to ban 27 administrators and 89 scam loan pages from the internet.
“The government has made a definitive statement that abusive and exploitative lending will not be tolerated. The Marcos administration remains fully committed to protecting the welfare of Filipino consumers, safeguarding financial integrity, and holding all violators accountable under the law,” Cruz concluded.