SEC sues Easypeso operators for abusive collection

MANILA, Philippines — The Securities and Exchange Commission (SEC) has filed criminal complaints against the operators and officers of online lending app Easypeso, citing their abusive debt collection practices.

In a press statement on Friday, the SEC announced its charges against 173 employees of Creditable Lending Corp. as well as its incorporators, officers/directors and beneficial owners.

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Through an inquest proceeding on July 17, the SEC, together with the National Bureau of Investigation and the National Privacy Commission, formally lodged the criminal complaints with the Department of Justice.

The SEC said the company and its employees had engaged in unfair debt collection practices, following “increasing reports of harassment committed by lenders.”

They were charged for violating Republic Act (RA) No. 11765, or the Financial Products and Services Consumer Protection Act, and RA No. 10173, or the Data Privacy Act.

They were also implicated for misuse of devices and illegal access, in violation of RA No. 10175, or the Cybercrime Prevention Act.

Search warrants had earlier been issued by Branch 46 of the Regional Trial Court of Manila against Creditable Lending, leading to the arrest of employees at its office in Pasig City on July 15.