The Philippine Securities and Exchange Commission, Department of Information and Communications Technology and National Privacy Commission issued a joint advisory reminding lending and financing companies of existing borrower data privacy and fair debt collection requirements. The advisory follows reports of online lending platforms engaging in harassment, intimidation, public shaming and unlawful use of personal data during collection activities. Online lending platforms must not access borrowers’ contact lists or contact people who are not named as guarantors. They must also securely dispose of personal data when it is no longer needed and allow borrowers to disable or revoke application permissions once their purpose has been fulfilled. Violations may result in fines, suspension or revocation of operating authority, and other penalties. Borrowers were advised to use platforms operated by registered and licensed companies, review privacy notices and permissions, and obtain guarantors’ express consent.

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