Operatives from the National Bureau of Investigation (NBI), Presidential Anti-Organized Crime Commission (PAOCC), and Securities and Exchange Commission (SEC) conducted a joint law enforcement operation on Friday against alleged abusive lending companies in Makati City.
The online lending applications are believed to have been harassing their debtors.
Reports from victims of the online lending applications prompted the operation, with the individuals formally filing complaints about the abusive debt collection methods and predatory practices they encountered.
Victims of the online lending applications recounted facing high interest rates and hidden fees, which left them struggling to pay off their loans.
Operatives carried out the joint operation under the authority of the Warrant to Search, Seize, and Examine Computer Data (WSSECD) issued by the Makati City Regional Trial Court, Branch 147.
The operation resulted in the arrest of 117 Filipino suspects, allegedly connected to abusive practices in debt collection.
