Sunday, October 22, 2017

Don’t just run after Indians: Lacson urges gov’t to run after Chinese, Filipino loan sharks too

Jan 12, 2017 @ 18:25

The government should not limit its campaign against loan sharks against Indian nationals, Senator Panfilo Lacson said.

In a text message to reporters Thursday, Lacson said the so-called “5-6 money lending scheme” is not limited to Indian nationals as there are also Filipino and Chinese individuals who make a living out of lending money to the poor at exorbitant interest rates.

“Tama lang ‘yun pero dapat hindi lang sa mga Bumbay ang target. Sumusobra na rin kasing pahirap sa mga nagigipit at nangangailangan ng pera na kapit sa patalim, not to mention, sa mga nagtitinda sa palengke and similar lines of business, pinapatong din nila sa mga mamimili ang malaking interest,” he said of the government’s plan to implement warrantless arrests on loan sharks.

“Kaya lang dapat may pamamaraan ang gobyerno na buksan ang credit facilities ng mga banko at iba pang lending institutions sa pamamagitan ng mas simpleng pamamaraan tulad ng mga requirements at mga qualifications para mangutang,” Lacson added.

Justice Secretary Vitaliano Aguirre II has warned “5-6” operators they could be arrested any time without a warrant since they are committing a crime by imposing a hefty interest rates on the loans they give.

Agriculture Secretary Manny Piñol earlier said President Rodrigo Duterte has moved for the arrest and deportation of foreigners involved in the “5-6” money lending scheme during the Cabinet meeting last Monday (Jan. 9).

Facebook Comments
Recommended Articles
The comments posted on this site do not necessarily represent or reflect the views of management and owner of We reserve the right to exclude comments that we deem to be inconsistent with our editorial standards.


Trending News

Politiko Poll


Copyright © 2017 Politiko -

Want Politiko alerts on your inbox? Subscribe here.