President wants to get rid of loan sharks

Credit to Author: Tempo Desk| Date: Fri, 11 Jan 2019 16:01:45 +0000

Notorious loan sharks are the latest addition to President Duterte’s apparent kill list.

The President has threatened to eliminate those behind the “5-6” lending scheme, saying they should stop such practice that keeps Filipinos enslaved by debts.

“Alam ko ‘yang 5-6. Iyan ang gusto kong patayin na sistema. Kung hindi ko mapatay ang sistema, ‘yung nagdadala ng 5-6 na lang ang ating patayin. Mas madali man siguro,” Duterte said during his visit to Bulacan Thursday, drawing applause from the crowd.

Duterte said the 5-6 scheme, an informal lending practice that charges high interest on borrowers, was a “kind of oppression” of cash-strapped Filipinos.

He observed that borrowers end up poorer since they owe money not only for the original loan but also for overpriced alliances sold to them by 5-6 lenders.

“You know, there in Davao, maldito itong…Well, I’m not trying to derogate the nation or the tribe. But itong mga 5-6 kasi sa Davao magpautang. Pagkatapos ‘pag mag-utang ka ng pera, pautangin ka pa ng kama, TV set. So dagdagan nila so you are in perpetual bondage,” he said.

“Parang ang tao is slave working for you or for your money,” he added. (Genalyn Kabiling)