Philippine Securities and Exchange Commission files criminal complaints against Creditable Lending and Easypeso over abusive collection practices

The Philippine Securities and Exchange Commission filed criminal complaints with the Department of Justice against Creditable Lending Corporation, the operator of the Easypeso online lending application, over alleged abusive debt collection practices. The complaints name 173 employees as well as the company’s incorporators, officers and directors, and beneficial owners, following an inquest proceeding conducted with the National Bureau of Investigation and the National Privacy Commission. The case includes alleged violations of Republic Act No. 11765 (Financial Products and Services Consumer Protection Act) and Republic Act No. 10173 (Data Privacy Act), as well as alleged misuse of devices and illegal access under Republic Act No. 10175 (Cybercrime Prevention Act). The complaints follow the execution of search warrants issued by Branch 46 of the Regional Trial Court of Manila, which led to the arrest of employees at Creditable Lending’s office in Pasig City on July 15 and the seizure of computers, company-issued phones, pre-registered SIM cards, text blasters, and scripts allegedly used to harass borrowers. Separately, the SEC Financing and Lending Companies Department issued a cease and desist order directing Creditable Lending and Easypeso, and any persons acting on their behalf, to immediately stop promoting and facilitating any lending activity or transaction.