MANILA, Philippines – Say goodbye to the “5-6”system currently very rampant these days. Because in Duterte’s administration, there will be no loan sharks under this system of lending money.
Rodrigo Duterte, the leading presidential candidate on the national elections held last May 9, threatened the loan sharks which are mostly Indian nationals to stop offering excessive interest rates, particularly 20 percent and above. As soon as he assumes the presidency, he is said to implement it and deport Indian nationals who refuse to follow this law.
Through the help of Lalduhthlana Ralte, Indian Ambassador, he is hoping to dissuade Indians to stop this practice because it will just add to the burdens of Filipinos.
According to Duterte, he will eventually deport those Indian nationals who will refuse to follow him. There will be no exceptions, all of them should stop this act.
Duterte condemned Indian nationals who tend to lend money to the Filipinos in as very deemed interest. Some of them even forces customers to buy expensive things like refrigerators even if they still don’t have electricity.
However, Duterte emphasized that those Indians who do not practice this scheme will not be affected by this change. He added that Indians offer great help to Filipinos as long as they don’t do the 5-6 scheme.
He also stated that, the matter will be handled very carefully.
Source : Philstar
