Senator Raffy Tulfo on Tuesday urged the Senate to investigate the 'Sangla-ATM' scheme of some lending companies wherein the debtor's ATM card is being used as collateral.
Senator Raffy Tulfo on Tuesday urged the Senate to investigate the "Sangla-ATM" scheme of some lending companies wherein the debtor's ATM card is being used as collateral.
According to Oscar Oida's report on "24 Oras," Tulfo wants to prohibit the practice of pawning the ATM cards of retirees, which allows the lender to take possession of the card until the debtor's loan is settled. "I'm looking to proposing the prohibition or regulation of the use of SSS or GSIS pension ATM as a collateral and providing corresponding penalties," Tulfo said.
As early as 2018, the Bangko Sentral ng Pilipinas said no law exists prohibiting pawning of ATM cards in exchange for obtaining loans.“Kailangan po ng panggastos, kung may pera ako bakit ko isasangla,” said Danilo Lagdaan, who narrated that it took four years before he was able to retrieve his card from the lender.“Lagay natin na makakautang ng 30, 50 tapos alam nilang hirap na sila, minsan yung iba ay hindi kinukuha, pupunta sila sa banko ipapa-block nila, sasabihih nawala,” the lender said.
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