(L-R) SEC Bacolod Extension Office officer in charge and director III Atty. Annabelle Corral-Respall and SEC Public Information Officer Ma. Laarni Dilag-King caution the public against using online lending applications to avoid becoming victims of unfair lending practices during a press conference held at the SEC Negros Oriental Satellite Office in Dumaguete City on Jan. 22, 2025. (RAL/PIA7-Negros Oriental)
DUMAGUETE CITY, Negros Oriental (PIA) – Officials from the Securities and Exchange Commission (SEC) Bacolod Extension Office urged victims of unethical lending practices in Negros Oriental, especially those who use online lending apps, to file a complaint in their satellite office in Dumaguete City.
Atty. Annabelle Corral-Respall, officer in charge and director III of the SEC Bacolod Extension Office, and Public Information Officer Ma. Laarni Dilag-King cautioned the public in securing loans through online applications as some of them use methods that can be considered as scams.
King called these methods as “Advance Payment or Advance Fee Scheme.”
“Some of them, yung mga online lending apps (OLAs), before you can actually get the amount that you are going to loan, they would be requiring you to pay first. Hindi po pwede yun (that is prohibited),” King said.
Other lending apps would also require the applicant or the user to grant their system access to all their contacts in their cell phone’s phonebook and would later on send demand text messages to them.
“If they are experiencing unfair collection processes, let’s say hina-harass yung mga tao. Mayroon kasing OLAs na hindi ka makapag-proceed sa loan mo if hindi mo i-click that you would grant them access to all your contacts. If may na-miss ka na payment, they would send a text to everyone you know na nagsasabi na ‘pakisabi kay ano na magbayad ng utang’. That is unfair collection,” she added.
(Some people are also experiencing unfair collection processes. Some OLAs harass their clients. There are applications that would require you to grant their system permission to access all your contacts before you can proceed with your loan. If in case you miss a payment, they would send a text message to everyone demanding them to tell you to pay your due.)
King said victims of these unfair lending practices can file a complaint with SEC since they have jurisdiction over financial and lending institutions.
The SEC officials added that filing a complaint against these lending institutions has become convenient and accessible to the people of Negros Oriental with the opening of their satellite office inside the Negros Oriental Chamber of Commerce and Industry (NOCCI) office inside the Old CruzTelco Building, Capitol Area, Dumaguete City.
“Mayroon kaming (we have) online complaint form. We would be helping them on how to file but make sure you have to document that,” Respall said.
She added that SEC will coordinate with agencies like the National Bureau of Investigation, the Philippine National Police, and its Criminal Investigation and Detection Group for further investigation and filing of cases in courts.
Respall also urged the public to check the SEC website to verify registered financial and lending institutions. (RAL/PIA7-Negros Oriental)
