CICC partners with private sector to protect online lending users

MANILA, PHILIPPINES—The Cybercrime Investigation and Coordinating Center collaborated with the private sector to provide Filipinos with a safe online lending environment. 

The CICC said this industry has 12 million consumers and 170 agencies, and needed to be especially secure during disasters. 

That is why these two private and public officials signed a Memorandum of Agreement on October 18, 2024, at the National Cybercrime Hub in Bonifacio Global City, Taguig: 

• CICC Executive Director Alexander K. Ramos
• Consumer Lending Association of the Philippines Inc. (CLAP) President Francisco Roberto “Coco” DC Mauricio

“It [MOA] ensures that it is an industry that will continue to grow, considering that we have a very positive outlook in our economy, especially in our digital economy,” said Ramos.

“And this partnership will allow the protection of these online consumers,” he said.

Ramos said survivors of natural disasters, like severe tropical storm 

Kristine, would need emergency funds, which usually come from online lending companies. 

“We do not want these survivors of disasters to face another disaster by being trapped by unscrupulous online lending companies,” the CICC executive director said.

Mauricio said CLAP will work closely with CICC and other government agencies to ensure safe lending and borrowing for Filipinos. 

“Not just awareness building, but we will do our best efforts as a private sector to cooperate with the government and CICC,” the CLAP president said.

Mauricio said many consumers are vulnerable to loan sharks. They’re also vulnerable to harassment by collectors, and various forms of cybercrime, such as identity theft and phishing. 

“By keeping them safe and secure, we will increase financial inclusion,” Mauricio explained.

Ramos urged online lending consumers, who are victims of cybercrime, to call the Inter-Agency Response Center (IARC) Hotline 1326.