The government is stepping up the crackdown on foreigners engaged in the notorious 5-6 money lending scheme to ease the suffering of borrowers especially the poor.
President Duterte has ordered the arrest and deportation of the foreigners involved in the dubious money lending scheme, according to Agriculture Secretary Emmanuel Piñol.
“Sobra na yan. Pautangin ng 5-6 (interest rate) tapos bentahan pa ng mahal na mga appliance. Patay talaga ang pobre dyan,” Piñol quoted the President during the Cabinet meeting last Monday.
The President has directed Foreign Affairs Secretary Perfecto Yasay, Jr. to inform the Indian Ambassador in the Philippines about his decision “to stop the usurious lending scheme in the Philippines,” Piñol said.
“They are violating Philippine laws by indulging in a money-making business without the necessary permits,” Duterte said.
Piñol noted that around 50,000 motorcycle-riding Punjabis have been charging high interest rates in their money lending offer to borrowers in the country. When a borrower owes a P5,000 loan, they are forced to pay P1,000 interest in a month collected everyday.
“The very high interest rates, however, have resulted in hardships for the borrowers who could hardly pay up the loans,” the agriculture secretary said.
To curb dependence on dubious money lending scheme, Piñol said the government has set aside an initial P1 billion to provide easy access to loans to small businessmen.
He said the President promised to allocate additional funds for micro lending in all regions as soon as the Philippine Charity Sweepstakes Office (PCSO) and the Philippine Amusement and Gaming Corporation (PAGCOR) remit their income to the the national government.
Trade Secretary Ramon Lopez has observed the 5-6 lending scheme has proliferated due to the inability of government lending institutions to provide an easy access facility for small businessmen.
“Sec. Lopez said DTI has already designed a scheme on how to extend soft loans to small businessmen with an interest of 20% every year, payable in one year,” Piñol said. (GENALYN KABILING)
190905 939708This is such an excellent resource that youre offering and you give out at no cost. I appreciate seeing web sites that realize the worth of offering a perfect valuable resource completely no cost. I genuinely loved reading your submit. 1256
83074 966519Wow! This could be one particular of the most useful blogs Weve ever arrive across on this subject. Basically Outstanding. Im also an expert in this subject therefore I can comprehend your effort. 468754
424354 38151hey was just seeing in the event you minded a comment. i like your website and the theme you picked is super. I will be back. 120784
320664 936746This internet internet site is typically a walk-through its the info you wished about this and didnt know who ought to. Glimpse here, and you will definitely discover it. 513990
719646 304508I discovered your web site website online and check numerous of your early posts. Keep on the top notch operate. I just now additional your Feed to my MSN News Reader. Looking for forward to reading a lot much more from you finding out later on! 743810
536648 874210My plate is real full and your tryna give me much more food, boy what the fuck is wrong wit you?!|guruisthebomb| 87404
137608 951636This can indicate that a watch has spent some or all of its life within the tropics and was not serviced as regularly as it should have been. 66151