In a significant move to protect Filipino consumers, Philippine authorities have intensified their crackdown on online lending applications (OLAs) that have alleged connections to Chinese scammers. This renewed effort aims to address the growing concerns over harassment and exploitation faced by borrowers.
On January 31, 2025, the National Bureau of Investigation (NBI), the Presidential Anti-Organized Crime Commission (PAOCC), and the Securities and Exchange Commission (SEC) conducted a raid on WeWill Tech Corp. in Makati City. The raid was carried out under search warrants issued by the Makati Regional Trial Court Branch 147. Authorities apprehended 131 Filipino employees, with those proven to have been involved in harassment subjected to inquest proceedings1.
The crackdown comes in response to numerous complaints from borrowers harassed by these lending apps. The apps, such as Peso Wallet App and Credit Cash App, have been accused of using deceptive and coercive methods to extort money from borrowers. The NBI and PAOCC are investigating the possibility that former operators of Philippine Offshore Gaming Operators (POGOs) have switched to loan scamming1.
Ric Espino of the NBI Anti-Organized and Transnational Crime Division highlighted the severity of the situation, noting that many borrowers have experienced depression and even attempted suicide due to the harassment. The authorities are determined to end these predatory practices and ensure the safety and well-being of Filipino consumers.
This crackdown is crucial in addressing the exploitation of borrowers and holding those responsible accountable for their actions. As the investigation continues, authorities are committed to protecting the public from these fraudulent schemes and ensuring that justice is served.
