00:00The Senate blamed the online lending applications and other ways of lending that are home to harassment and threats to those in debt.
00:12This is what Daniel Manalastas reported.
00:17It is said that the most difficult person to forget is the person who has not yet paid his debt.
00:23But the problem, based on the complaints received by the Senators, is that some cases have reached the point of threats and harassment
00:31because of the debt that is not being paid on time.
00:35Although I still believe that the debt should be paid, of course, but there are ways to pay off the debt,
00:45not what we will go through in a rush.
00:49We have reports that they are sending death corollas and bullets to force people to pay.
00:57Based on the information released by Senator Sherwin Gatchalian,
01:00it is now easy for a person to get into debt just by texting.
01:06But in return, if you are not able to pay, you will also face threats and harassment.
01:12Gatchalian said that it is easy to set up online lending applications.
01:18Is there a qualification in terms of capitalization?
01:22Yes, sir. For ordinary...
01:26For OLA.
01:26For OLA, there is none.
01:28That's the problem because anyone can put up an OLA.
01:32Any Poncio Pilato can set up an OLA because there is no minimum capitalization.
01:40SEC is in the process of revisiting the two antiquated laws.
01:45Actually, sir, there is a TWG form for revisiting the financing law and the lending law.
01:54And we are planning to codify the provisions.
01:59According to PACOC, they have many clients who are also accepting online lending applications.
02:06They are continuing to pursue this.
02:08Their faces are posted on pornographic videos.
02:13They are spreading it.
02:15We have a victim who was able to talk and was sent to funeral services.
02:22We have a victim who was sent to...
02:26She was spread that she has a warrant of arrest from PNP-CIDG.
02:32There is, sir...
02:33There is?
02:33Yes, there is a department in charge of coordinating with PACOC and NBI.
02:41It is expected that there will be a next hearing.
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