Indian Nationals living in the Philippines are mostly dubbed as ‘5-6’ which also means their lending business. This is a system of lending money with 20% interest. For example, you borrowed from them an amount of P10,000 it will become P12,000. The P2,000 will be the 20% interest.
According to Goldy Kumar, since he arrived in the Philippines, 7 years ago, lending money was his source of income up until now. Kumar and other Indian Nationals were shocked when Philippine President Rodrigo Duterte ordered that they will be arrested without any arrest warrant and they will be deported from the country if they don’t have any supporting documents for their business.
To their defense, they don’t charge the 20% interest within a month. In fact, they are collecting the money when the debtor is ready and can afford to pay. They don’t pressure them make the payments. There are instances that it will take more than 60 to 90 days for them to collect the debts which they totally understand and respect.
Hardeep Singh, a friend of Kumar, also added that they lend money to anyone especially to the poor who need it the most. They are the not the villains that they are painted to be but they are offering help through lending their money.
Indian Nationals who are into ‘5-6’ business are asking for the help from the government to give them the right or papers to do their business legally. They are ready to abide with the rules and regulations. They are opposed to leave the country because it already grew on them.
According to a text message from Senador Ping Lacson, those who are opportunist in lending money must be arrested but this is not solely focused on Indian Nationals but also to some Filipinos and Chinese Nationals that are also engaged in this kind of business.
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